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 consumer experiences in the next normal.
A shift in insurers’ mindset calls for an avant-garde approach to investments and initiatives around underwriting transformation across strategy, data, technology, and talent. The key outcome of a successful underwriting transformation program will be a shift from a one-product-fits-all approach to a customer-centric product development culture.
In this report, we explore the changing market drivers in underwriting and the function’s potential benefits. Insurers should regard underwriting excellence as a continuous journey rather than an aspirational target state. In the near term, it will help eliminate inefficiencies and provide compelling customer experiences; in the long term, it will serve as a backbone to underwrite emerging risks and drive business growth.
Scope
Industry: insurance industry
Geography: global
Contents
This report examines:
Insurance industry dynamics driving underwriting transformation
The urgency to attain underwriting excellence
Implications of the evolving insurance landscape for insurers
Reimagining the underwriting value chain for near-term gains
Technology’s role in elevating underwriting standards in the long term
A global pandemic, natural catastrophes, geopolitical risks, and macroeconomic risks, coupled with a recessionary market sentiment, have created an extremely uncertain environment for insurance enterprises. While Life and Annuity (L&A) insurers remai…
