Paperless Process to Improve Productivity and Profit: A Bold Move for P&C New Business/Underwriting
What drives insurers to invest in information technology? If you’d asked that question five years ago – before Mayhem, Flo and that little green lizard – the answer would have been simple: to improve operational efficiencies and reduce costs.
Today, according to Strategy Meets Action (SMA), the top three business drivers for information technology are all about enabling growth. Sure, improving operational efficiencies and cost reductions are still important, but the focus has shifted to improving customer experience, for both policyholders and agents, and growing the business. As a result, many Property and Casualty (P&C) insurers turn their attention to the areas where the premium dollars start and are streamlining their new business/underwriting process by making the leap from paper to digital.
And times are changing fast. Agents and brokers are now demanding enhanced approaches to submissions, more collaboration with underwriters, and faster responses to prospects and customers. Underwriters are seeking more capabilities to liberate them from low-value tasks in an effort to optimize their unique expertise. Insurers with modern new business/underwriting processes do more than attract more business from the distribution channel. They improve profitability by supporting straight-through processing for simple decisions and providing underwriters with the information required for complex decision more quickly.
The leading insurance companies have shifted their automation objectives from pure productivity improvements to a healthy blend of productivity and profit. To stay competitive, insurers can no longer sit on their hands. It’s time to start making bold moves to realize improved productivity and profits.
Industry analysts Deb Smallwood and Mark Breading will discuss how to make those bold moves on May 2 at 1 p.m. ET.