Insurers' IT investment priorities are shifting in underwriting automation, according to a survey by Strategy Meets Action; 42 percent of the 144 respondents are allocating 10 percent or more of budget to underwriting.
In personal lines, many have realized underwriting process and decision-making improvements in personal auto and now focus on homeowners; in commercial lines, the focus is beyond small commercial and onto mid- and large-commercial risks and specialty lines; life insurers continue streamlining processes and workflows, automating simple and low-face-value term and whole life.
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