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Commercial underwriting, traditionally a manual process undertaken by experts, can leverage new tools to streamline workflows, automate tasks and reduce expenses, all while improving desired outcomes.
While the benefits of applying innovative technology and advanced analytics to personal lines and small commercial policies are well understood, few insurers have explored the use of such tools in underwriting medium and large commercial risk.
Technology will never replace individual skill and wisdom in determining which large risks to accept and at what price. New tools and solutions, however, can make the underwriter’s job easier, can make each underwriter more productive, and can improve the quality of underwriting decisions. In the current environment, P&C insurers need to take advantage of every possible source of competitive advantage.
Effective planning and implementation of large-risk underwriting technology requires more than just selecting the right vendors. It entails taking a comprehensive, integrated approach to all elements of the underwriting process and then linking those processes, not only to broader policy administration systems, but to the firm’s overall business strategy and its plans for profitable sales growth.
November 26, 2012
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