Underwriting systems have long provided a competitive advantage to the carriers that heavily invested in these systems. However, that advantage is in danger of slipping away.
Recent advances in speed and efficiency, and increased compatibility with other technology throughout the enterprise, are lowering the cost of adoption, quickly making the systems ubiquitous. In fact, all lines of business are increasing their focus and IT spend by at least 3 percent over last year on improving underwriting, according to insurance consultancy and research firm Strategy Meets Action (SMA).
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