... balancing art and science
- Author(s):
- Deborah M. Smallwood, Senior Partner
- Publication Date:
- January 10, 2011
- Number of Pages:
- 8
- Price:
- $95.00 USD
This SMA Insights Research Brief looks at advances that are being made in the automation of commercial lines. Today there are new opportunities to capitalize on the best of both policy and underwriting solution disciplines. Mainstreamers are using transaction-oriented modern policy administration systems to increase straight through processing for most of the simple, uncomplicated commercial risks. Market leaders are finding that the powerful combination of a modern policy administration system and an advanced underwriting solution can deliver game-changing capabilities directly to the desk of the underwriter - giving the underwriter the tools and information needed to make better and faster decisions in a much more collaborative working environment.
The information will be useful for:
- Outlining how the mainstreamers are using modern policy administration systems to automate the commercial lines underwriting processes
- Understanding how the market leaders are combining the capabilities of modern policy administration systems and advanced underwriting solutions to create a forceful blend of the science and art of underwriting
- Opening discussions about managing overlaps or duplications that may exist between policy systems and underwriting solutions
SMA has been doing research, tracking, and reporting on both underwriting and policy administration capabilities in commercial lines for about 10 years. This report is based on insight from SMA's latest research and interviews with leading executives across the entire insurance ecosystem as well as SMA's direct experience in working with insurance companies of all sizes and business lines.