The Property and Casualty (P&C) insurance industry is undergoing a major transformation due to evolving customer preferences. This has prompted insurers to embark on digital transformation journeys, recognizing it as the need of the hour. Processes such as claims management and policy servicing are being automated, while underwriting, which was traditionally considered a core process, is also being transformed. Manual underwriting has been associated with issues such as poor customer experience, slow business growth, paper-based documentation, high operational costs, and pricing and risk issues. Digital underwriting applies a technology layer across the quote-to-bind cycle to create an automated future state. The role of underwriters in the future will change drastically, with skills such as risk management, collaboration, and data analytics taking a forefront in hiring decisions. All of this has significant sourcing implications, as insurers adjust to the evolving status quo while keeping their core competencies at hand.
In this report, we explore the scope of digital underwriting and how it can help insurers achieve increased speed and efficiency, improved accuracy and risk management, enhanced customer experience, expanded reach, and reduced costs.
Scope
Industry: commercial lines and P&C insurance
Geography: global
Service: P&C insurance
Contents
In this report, we:
Define the current challenges in underwriting
Explore the applications of digital technology throughout the underwriting value chain
As the insurance consumption model evolves, insurers will need underwriting flexibility to set themselves up as risk guardians rather than risk assurers. Underwriting excellence will emerge as a catalyst to improve operational efficiencies and consum…
