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.
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.