Reimagining Commercial Lines Underwriting Workflows

The insurance industry continues to navigate more challenging market conditions globally. The product pricing landscape in the sector is witnessing increased pressure from both new age insurtech startups and incumbent players with deeper pockets. Embroiled in a race to win customers with the most competitive pricing, insurers are leveraging steep discounting practices on their product pricing while leaving very little profit margin.

 

Additionally, the COVID-19 pandemic has created one of the greatest periods of uncertainty for nearly every industry with the insurance sector feeling extra heat from the massive volume of claims related to COVID-induced hospitalizations, compounded by slower revenue streams in industries such as automobiles where sales have hit all-time lows. All these combined make a tough proposition for underwriters as the focus is now on them to take the lead in driving revenue transformation through better underwriting quality.

From bringing in newer digital innovations such as robotic process automation to AI-enabled claim processing, insurance companies are empowering underwriters to transition into more value-added roles and take up newer job responsibilities. These range from managing customer relationships to product development and risk management, in addition to risk selection and pricing portfolios.