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Guarantee in a new digital age for commercial insurance



Underwriters in the commercial market are in some ways facing a promising future: Valuate Reports recently estimated that the segment's compound annual growth rate until 2028 would be 8.5 percent [1] – undoubtedly a healthy clip of some standard. This is well above the overall average DWP growth rate of 3-4% over the last decade or more.

Yet other research suggests that commercial carriers are adopting digital technology and next-generation nuclear systems at a rapid pace, age-old manual insurance processes and lack of relevant data when they need it continue to cause bottlenecks and friction, causing customers, insurers and brokers get frustrated.

Insurance premiums for companies now amount to $ 350 billion annually [2] but the workflow is generally still paper-based. Only 25 percent of a warranty period is spent on sales and broker engagement. Underwriters spend far too much time on core processing and other non-sales work. [3]

What if insurers could spend more time with their customers and focus on delivering a better customer experience instead of getting tangled up by cumbersome, error-prone manual processes and information gathering? Imagine having intelligent, relevant information shot to the fingertips of warranties the moment they need it, enabling them to make better decisions.

As an industry, we are about to take the necessary steps to make this vision a reality. . SMA research indicates a gap between what insurers do today and what is needed today and in the future. In fact, 80 percent of insurance executives expect insurance roles to be significantly different over the next five years than they are today. They know they need to develop underwriting to make their businesses competitive amid the rapid changes in customer needs and expectations, new digital technologies and data sources and increasing competition from both established and new entrants.

This new development will be driven by a next-generation underwriting workbench that utilizes a digital code without code / low code, robust data acquisition features, AI and machine learning, and new communication and collaboration tools in commercial and specialized industries.

Majesco's Underwriter360 utilizes a next generation underwriting workbench that uses a low ̵

1; code, no – code digital platform with these goals in mind. Underwriter360, developed jointly between Majesco and KPMG, rethinks the traditional insurance process.

The reasons for reconsideration have been before us for years: Volatility in the P&C market, customers and operators have sought new digital technology to speed up the process, growth in new data sources, each party wanted to make commercial insurance easier and the whole process must be more cost effective.

Majesco Underwriter360 is a cloud-based Software as a Service, automated, insight-driven insurance workbench that aims to increase warranty efficiency and profitability. It was developed to address the pain points that continue to hamper the insurance guarantee. In addition to tedious, time-consuming tasks of manually collecting data, the most obvious "pain points" we think are:

  • Lack of an integrated and consistent view for insurers to access risks and make quick decisions
  • The absence of comprehensive policy data on a only place to enable fast and accurate case management
  • An over-reliance on guarantees to make important decisions
  • Lack of sufficient time for underwriters to develop relationships with distributors, with insufficient system functions
  • Inefficient cooperation and communication channels between insurers and distributors
  • A need for constant follow-ups with line managers for updates resulting in a longer wait to close open cases leading to bad experience

Progress in eliminating the pain we believe is due to the creation of a end-to-end underwriter workflow and case management ability. It requires a capacity for intelligent data entry and extraction, combined with standardized and automated processing. Furthermore, the Majesco solution includes an automatic "filling" of data via the Majesco "EcoExchange" market.

An important key to making guarantees work better, faster and in a cost-effective way is increased and predictable collaboration between broker / agent and underwriter, along with what we call "pre-integration with Majesco Policy" for submission, quotations and documents.

Business value includes customer satisfaction, brokers and guarantees, powered by digitally enabled and scalable technology. And Underwriter360 rests on the fact that operators are very responsive to customers while creating an open collaboration between insurers and brokers. Additional value comes in the form of becoming a profitable insurer and derives from having centralized digital solutions. In the end, there is great value for the business by being very responsive to customers through an open collaboration between insurers and brokers.

Next generation insurance options are available here. The challenge for the industry is to adopt a way of thinking that allows digital transformation to take root and grow.

We believe that performance will flourish as insurers embrace change, leverage powerful new technologies and adopt new ways of working that are evolving at a rapid pace.

Co-author:
Mike Adler, Rector, KPMG
Denise Garth, Chief Strategy Officer, Majesco


[1] "Commercial Insurance to See 8.5% CAGR by 2028, & # 39; & # 39; NJ Property Casualty 360, July 13, 2021

[2] "Commercial Insurance, Warranty Priorities 2020, Chisel AI, 2020

[3]" The Rise of the Digitally-Enabled Underwriter, & # 39; & # 39; SMA [19659026]
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