Underwriters unique insights into industries and buyer preference, strong agent and broker relationships and account risk assessment and servicing all help with competitive differentiation. EY states that these insights must be codified into products and services tailored to the specific needs and issues of those customer micro-niches to deliver compelling value propositions both to the agent and the insured. Underwriters can help define the core elements, including relevant rules and pricing frameworks, that are necessary to build standardized product architectures from which tailored offerings for specific market niches can be efficiently launched, EY says. Underwriters also can help determine the most valuable insights from third-party data and customer behaviors, which, according to EY, will be crucial to reshaping interactions with customers and agents, as well as the cross-functional, end-to-end processes that must support multichannel environments. Photo courtesy of Fotolia