No one would argue against the fact that the insurance industry has been engulfed in a perfect storm over the past few years. Consolidations, monumental loss experiences, economic turmoil and investment declines have conspired together as never before.Faced with a hard market, staff and training reductions, and stagnant capital and IT budgets, insurers are under greater pressure than ever to work smarter, faster and more efficiently.

Yet despite these challenges, carriers' underwriting organizations haven't undergone any major transformation in the past two decades. Most underwriting environments, particularly commercial lines, are still highly paper-intensive and do not provide insurers with the data and performance information needed to analyze and manage risk on a transaction or portfolio basis.

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