Digital Transformation - November 27 2019
Commercial insurance distribution channels are being disrupted due to rapidly changing customer demands, emerging tech, and digital business models and ecosystems. The current state of manual underwriting processes, delayed responses, policy errors and omissions and the lack of bespoke services is no longer acceptable. As more competition, new incumbents and juggernauts like Amazon teach buyers to expect fast responses and instant gratification, more and more consumerization is seeping into commercial insurance causing agents and brokers to expect more from commercial lines insurers.
“The enterprise IT gold rush. Businesses across industries are in the middle of “a massive development cycle” as the use of advanced digital capabilities such as AI, blockchain and other tools sweeps across the economy, said John David Lovelock, a research vice president at research firm Gartner Inc. “These tools are getting everyone really pumped right now,” Mr. Lovelock said, adding, “There is a sort of new gold rush in enterprise IT.”