Digital Transformation - March 3 2021
As we enter the second year of the global pandemic, there’s no question that commercial insurers face mounting pressures including a hardening market and rising policyholder expectations for a touchless, “Amazon-like” digital insurance experience. To meet time to revenue, growth and profitability goals post-COVID, commercial lines insurers are increasingly focused on digitizing and streamlining high-touch, manual underwriting processes.
Given what’s at stake, it’s no surprise that the pace of technological change is accelerating in commercial insurance – not only that, but the gap between digital underwriting leaders and laggards is rapidly widening. “Now in 2021, every commercial lines insurance business has a choice to make: stay the course and be left behind, or embrace a paradigm shift,” says Deb Smallwood, Senior Partner, Carrier Transformation, Strategy Meets Action, a ResourcePro company.