[eBook] Underwriting Priorities 2020: The Digital Evolution of Commercial Insurance Underwriting

Digital Transformation - February 5 2020

According to Accenture, on average only 25% of an underwriter’s day is spent on selling and broker engagement, while more than 50% is spent on core processing. If the commercial insurance industry has any hope of meeting rising customer expectations, we need to turn the tables and find new ways to relieve the burden of manual processes on underwriting teams.

With the InsurTech revolution and the emergence of technologies like artificial intelligence and machine learning, carriers and brokers have an opportunity to transform underwriting from a cost center to a strategic sales and profit driver.

This will require commercial insurance brokers and carriers to extend digitization initiatives deeper into the insurance back office and automate cumbersome manual underwriting processes that have long hindered customer responsiveness and growth.

2020: The Year Digital Underwriting Comes of Age?

But where are carriers and brokers focusing their digital underwriting efforts, and what technologies hold the most promise for enhancing underwriting efficiency and margins in the coming year?

To capture the pulse of the industry, we asked a who’s who of insurance insiders to weigh in on the 2020 priorities for commercial insurance underwriting. Featured contributors were asked to answer the following question:

While commercial insurance carriers and brokers are adopting digital technologies at a rapid pace, age-old manual underwriting processes continue to cause bottlenecks and friction that can be felt across the insurance value chain. Why and how does underwriting need to change, and which technologies and digital transformation initiatives should carriers and brokers focus on in the coming year to better manage risk and make their underwriting processes more efficient, profitable, and responsive to customers?

A Blueprint for Change

Our goal in curating this eBook was to survey a cross section of the commercial insurance industry to learn how digital technology is transforming underwriting processes. The result is a comprehensive progress report on the current state of digital underwriting in the commercial insurance industry and a blueprint to help insurance companies plan for what’s next.

Featuring contributions from AF Group, Celent, Insurity, Majesco, Marsh Canada, Novarica, OneShield Software, Paradiso Insurance, reThought Insurance, Slice Labs, Strategy Meets Action, UiPath, and Zurich North America, this eBook brings together expert insights on the insurance industry’s efforts to modernize underwriting.

You’ll hear perspectives on artificial intelligence, machine learning, predictive analytics, robotic process automation, platforms, data management, straight-through processing, signals-based insurance coverage, and more.

What you’ll find inside:

  • Ron Glozman looks beyond pilots and POCs to a new era of operational AI
  • Abel Travis explains how InsurTech is reshaping the insurance industry
  • Mike Fitzgerald predicts it will soon become clear which insurers are gaining competitive advantage through digital technology
  • Kirstin Marr shows how predictive analytics allows insurers to anticipate customer needs rather than reacting to them
  • Denise Garth sings the praises of future-altering platforms
  • Lynne Vonwistinghausen cautions against adopting technology for technology’s sake without having a solid business case
  • Martina Conlon says better underwriting starts with better data and better data management
  • Leah English discusses how customer-centric underwriting is the key to making insurance more human
  • Chris Paradiso asserts that independent agents must embrace technology and adapt to survive
  • Nick Lamparelli believes we need a framework for evaluating InsurTech solutions to avoid wasting precious time and resources
  • Philippe Lafreniere looks at improving customer relationships with signals-based insurance coverage
  • Karen Furtado connects the dots between AI and improved risk analysis and pricing
  • Elaine Mannix offers tips for preparing for a new pace of change
  • Anurag Batta makes the case that investment in underwriting must support – not replace – the underwriter’s experience and creativity 

The Rise of the Digitally-Enabled Underwriter

If there’s a common denominator across the 13 chapters in this eBook, it’s that the underwriter of the near future will be much more data-aware and digitally-enabled than ever before.

With unprecedented access to data and powerful tools to help them interpret and use that data, tomorrow’s underwriter will be able to focus on customer experience and responsiveness rather than being bogged down by routine manual processes. Rather than replacing underwriters, new technologies like AI will augment their traditional strengths, talents, and creativity with superhuman powers.

You’ll want to grab a coffee or tea and settle in to read what this diverse collection of insurance leaders, analysts and InsurTechs have to say about how digital underwriting holds the key to meeting the most pressing challenges facing the commercial insurance industry today.

Grab your complimentary copy of the eBook now!

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