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.
Insurers also want to share information and collaborate effectively with agents and brokers. They are investing to raise the visibility of operations and the portfolio. They also want to leverage automation to support and enhance underwriting decisions through tools, data and analytics for better discipline and consistency.
More than half of insurers have invested in portals, underwriting workstations and external data. Future investments will provide the foundation for underwriting with modern policy admin systems, data and advanced tools and engines.
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