Automation in the commercial insurance space has taken longer to evolve than in personal lines because the data is less homogenous, but the pace is now accelerating and technology is set to transform the job of underwriters, as Intelligent Insurer finds out.
As property and casualty insurers face margin pressures and increased competition, they are adopting automation capabilities to bolster customer-centricity, reduce costs, and improve operational efficiency, according to a May 2018 study by Capgemini.
“The automation process does not depend on company size but on the variability and complexity inherent in the risk.” David OvendenFrom quoting to policy servicing, underwriting to claims processing, insurers are striving to improve the bottom line by automating processes across the value chain, the report titled P&C insurers add automation to their efficiency toolkits states.
Automation is being powered by new channels for collecting customer data, advanced data processing capabilities, and improvements in artificial intelligence (AI) algorithms, the report explains. Because quick, error-free, and personalised service is expected these days as part of outstanding customer experience, automation is becoming a vital competitive edge and not just a cost-takeout play, the report adds.
Automation, Commercial insurance, David Ovenden, Willis Towers Watson, Property, Casualty, Technology, Global