With vast amounts of data available, many insurers face a difficult challenge finding the right data and using it effectively. Those that succeed, though, can see a significant payoff. According to a survey by Willis Towers Watson, over two-thirds of insurance companies reported that predictive analytics helped reduce underwriting expenses, and 60% credited the additional insights for increased sales and profitability.
Maroun Mourad, President of Global Underwriting, discusses how data, analytics and digital technologies are transforming the industry and delivering benefits for risk professionals. He explains how innovation is helping companies reimagine insurance and improve the customer experience.
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With all the technology available today, “going digital” might sound easy. But in commercial lines insurance, that’s just not the case.
Data-first strategies have provided commercial lines underwriters with quick and easy access to large amounts of information on applicants.
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