[eBook] Underwriting Priorities 2021 & Beyond: The Digital Evolution of Commercial Insurance

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.

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.

Mapping the Digital Evolution of Underwriting

In this second annual edition of our Underwriting Priorities crowdsourced eBook, you’ll hear a broad range of viewpoints on how emerging technologies are changing the core underwriting function for the better. Featuring contributions from CNA, Strategy Meets Action, Vouch Insurance, Zurich North America, and many others, this eBook brings together expert insights on the digital evolution of underwriting.

To capture the pulse of the P&C insurance industry, we asked a who’s who of industry insiders to weigh in on the key priorities for commercial insurance underwriting in 2021 and beyond. Featured contributors were asked to answer the following question:

While commercial lines carriers and brokers are adopting digital technologies at an unprecedented pace, manual underwriting processes and challenges harnessing the data needed to assess complex risks continue to cause delays and friction that can be felt across the insurance value chain. How does underwriting need to change to adapt to the new realities of operating in a post-pandemic world, and which technologies, data sources, and digital transformation initiatives should carriers and brokers focus on in the coming years to better manage risk and make their underwriting processes more efficient, profitable, and responsive to customers?

A Blueprint for Meaningful Change

Our goal in curating this eBook was to survey a cross section of the commercial insurance industry to learn how emerging technologies are transforming and accelerating underwriting processes. The result is a progress report on the current state of digital underwriting in commercial insurance and a guide to help insurers plan for what comes next.

What you’ll find inside: 

  • Ron Glozman finds positive signs that digital underwriting has found a new gear
  • Stephen Applebaum & Alan Demers explain why underwriting commercial insurance in 2021 is a whole new ballgame
  • Arthur Borden believes digital evolution in underwriting is inevitable
  • Andrew Correll discusses revamping the submission process with embedded automation, AI and ML
  • Rob Galbraith introduces a new acronym for commercial insurance innovation
  • Mark Gardella shares three key trends for commercial insurance and why now is the time to lean into innovation
  • Michael Parcelli looks at the top five considerations in designing a roadmap for underwriting transformation
  • John Pettit says that laying an automatic underwriting foundation is key to future success
  • Nathan Root maintains that digital transformation starts with people and process
  • Will Ross makes the case for dynamic, real-time, and collaborative risk selection
  • Deb Smallwood predicts how and why P&C commercial lines underwriting will look different in 2030
  • Rob Whitton thinks it’s high time insurers filled the data lake with meaningful data
  • Megan Bock Zarnoch asserts that meaningful underwriting transformation will require not only technology but a culture shift

Digital Enabling Underwriters

One common theme that spans the 13 chapters in this eBook is that technology is only part of the equation for underwriting transformation – people, process, culture, conversation, collaboration, and an openness to change are all part of a winning digital underwriting strategy. Rather than replacing underwriters, new technologies will augment their traditional strengths, talents, judgment, and creativity. With unprecedented access to data and powerful tools to help them instantly interpret and use that data, the underwriter of the future will be empowered to focus on customer experience and responsiveness rather than being bogged down by routine, mind-numbing manual processes that – let’s be honest – computers can do better and faster.

You’ll want to hear what these 14 insurance leaders, carriers, analysts, bestselling authors, and insurtechs have to say about how digital underwriting is addressing the most urgent challenges facing the commercial insurance industry today.

Download your complimentary copy of the eBook now!

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