Under Construction: Commercial Lines Underwriting Transformation
SMA with Boundless Consulting recently conducted an industry survey that provided an enlightening view of our industry’s current state while affirming that industry leaders all expect a significantly different future in underwriting.
Which AI Technologies Are Most Valuable for P&C Personal Lines?
Artificial intelligence technologies are everywhere. The great leap forward in AI over the past decade has come along with an explosion of new tech companies, AI deployment across almost every industry sector, and AI capabilities behind the scenes in billions of intelligent devices around the world.
What Word Would You Choose to Describe the Underwriting Organizations of the Future?
We recently conducted an industry survey, and 80% of industry executives expect underwriting to be significantly different in the next five years. 94% expect it to be significantly different by the end of the next decade. Essentially, we all agree that it’s changing.
AI Investment in Commercial Lines – Do Insurers Have It Right?
Artificial Intelligence (AI) has been in almost every technology-based headline over the past 24 months. If an incumbent technology provider or a newly emerging InsurTech organization wants to grab attention – well, just insert AI in the first few lines of the description.
P&C Insurers Shift Course as the Pandemic Continues
When will the COVID-19 pandemic end? Will it end? P&C insurers, like all other business sectors, are faced with a time of unprecedented uncertainty. There are always multiple external factors to consider when developing strategies and adjusting ongoing plans.
Claims 2021 Planning: Are You Placing the Right Bets?
It’s planning season – at least in most insurance companies. It is time to take out the 2020 budget and see where line items need to move for next year. Did the claims organization meet objectives? If not, what adjustments need to be made to ensure those objectives are fulfilled?...
Reflections on InsurTech and the Pandemic
Much has already been written about the implications of the pandemic, the related economic activity, and how they will affect the InsurTech movement. As usual, there are a wide range of opinions. Will InsurTech be one of the casualties of COVID-19? Or will the dramatic change to work and life...
Transformational Technologies in P&C During the COVID Era
Technologies like machine learning, the IoT, RPA, and Natural Language Processing (NLP) were hot topics in P&C insurance before the world was turned upside down in 2020 due to the pandemic. These and many other “transformational” technologies have great potential for insurers in the rethinking and optimization of distribution, underwriting,...
New Digital Communications in Insurance: Options for Prospects, Producers, and Policyholders
The options for digital communications keep expanding. Insurer’s mobile interactions with prospects, producers, and policyholders have become common, while methods like e-mail, web portals, and even fax are extensively used. Now, there is a whole new world of messaging platforms, chatbots, business texting, voice assistants, and more.
Payments at the Speed of Light
What is the saying old saying? Moving faster than the speed of light? This would be the desired state for many policyholders and claimants, but it is not the current state of inbound and outbound payments processed in insurance today.
