Digital Transformation - June 9 2021
The digitization of commercial lines underwriting is accelerating as Chief Underwriting Officers, and business leaders seek to significantly reduce the amount of time underwriting staff are spending on manual administrative tasks. McKinsey estimates front-line underwriters are spending between 30% and 40% of their time on manual processes.
Much like other industries, commercial insurance is being impacted by the “now” generation who expect comprehensive choices, efficiency, flexibility and fast responses. Combined with the impact of COVID-19 and the hardening market, commercial insurers are feeling the pressure to digitize and streamline underwriting operations to gain operational efficiencies, optimize risk assessment, accelerate distribution partner responses, and remain competitive.