Technology is transforming commercial lines insurance. Carriers are utilizing drones, mobile capabilities, and digital distribution, in addition to focusing on modernizing policy administration systems and improving agent portal functionality, claims administration and service, business intelligence and predictive analytics.
The commercial lines sector is complex, and it is important for carriers to have the appropriate systems and functionalities to support these complexities and enable future growth.
Emerging technology such as drones, IoT, robots, and autonomous vehicles are reducing the need for on-site investigators and adjusters, while at the same time improving underwriting and pricing and lowering claims frequency. Mobile capabilities are also improving loss control, as well as enabling the work of field underwriters, premium auditors, and claims adjusters.
Successful insurers are seeking to modernize their systems. The replacement of core policy administration systems is common, as new systems can both support new product development and increase the quality of underwriting decisions. Improved agent portals will aid carriers in guiding producers to carriers’ risk appetite and easing the process of doing business overall. Insurers are investing in claims administration systems to drive changes in customer experience, as well as expanding business intelligence capabilities to operationalize predictive analytics.
Commercial lines CIOs and business executives should consider the following top technology priorities: enhancing business intelligence tools, including predictive analytics, through a data strategy, governance, and good data process; upgrading policy administration systems for significant financial benefits; updating claims management and automating the claims process; and extending functionality of both agent and customer portals.
This blog has been reprinted with permission from Novarica.
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The opinions expressed in this blog do not necessarily reflect those of Digital Insurance or SourceMedia.
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