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Not a monster: How insurers can accelerate their digital transformations, one step at a time

With automation and analytics advancing rapidly, many insurers are looking to transform the experience of buying commercial coverage from time-consuming and challenging to fast and easy.

But for many commercial lines insurers, that transformation is still just a dream. That’s because commercial insurance is complicated. Businesses pivot. Regulations evolve. Data quality fluctuates. Legacy underwriting processes become ingrained.

With automation and analytics advancing at a rapid pace, many insurers are looking to transform the experience of buying commercial coverage, from time-consuming and challenging to fast and easy

Many insurers see the process as a monster and postpone action. There are those, however, that have found another path.

Faced with these obstacles – and limited resources – many insurers see the process as a monster and postpone action. They remain in seemingly endless discussions about how to tackle this growing problem.

Others may dive into their transformations head-first, automating tasks of minimal significance and using less-than-relevant data. They tend to become frustrated with poor results.

But some have found another path, one that balances speed and scale. These insurers have developed an in-depth understanding of their existing processes, identified and prioritized their plans, and leveraged insurance expertise and insurance-ready data to help create a sustainable pipeline of innovation.

Learn more about how insurers can develop and execute more effective underwriting strategies in our new report, Five Critical Steps to Help Accelerate Your Digital Transformation.


Ron Beiderman

Ron Beiderman is vice president of commercial lines coverage products, Verisk. You can contact him at ron.beiderman@verisk.com.


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