An SMA Research Report
- Author(s):
- Deborah M. Smallwood, Senior Partner
- Publication Date:
- March 18, 2014
- Number of Pages:
- 24
- Price:
- $995.00 USD
This research report investigates the state of commercial markets underwriting automation in the insurance industry. It examines the understanding and attitudes in all segments of the commercial lines business, ranging from simple, highly automated risks to very complex and specialty risks – looking at perceptions, the factors driving investment, and where technology investments will be made over the next 18 months.
The findings are based on an SMA study involving 55 commercial lines insurers. The survey respondents represented all lines of commercial business and all major functional or departmental areas of responsibility. The research data points and insights present healthy projections for technology spending on underwriting automation. Technologies are maturing. Insurance companies are gaining a better understanding of what is needed, and many are able to envision what is now possible. The stage is being set for the next level of competitive advantage. An example of the research data is shown in the figure below.
Top Factors Impacting Underwriting Over the Next 3 Years
Table of Contents
- Executive Summary 3
- Definitions 5
- Current Underwriting Operations 9
- Current and Future Plans for Technology Deployments 13
- SMA Call to Action 18
- About Strategy Meets Action 20