An SMA Research Report
- Author(s):
- Deborah M. Smallwood, Senior Partner
- Karen Pauli, Principal
- Publication Date:
- November 13, 2018
- Number of Pages:
- 12
- Price:
- $995.00 USD
The commercial lines application process can be laborious, with much of the required information being a mystery to applicants. Distributors are clamoring for frictionless processes, so they can spend more time on value-add interactions with customers. On the other side of the equation are rapidly growing volumes of external data. Utilizing emerging technology to prefill applications is rapidly becoming a competitive differentiator. However, rushing headlong into a prefill initiative without first assessing success factors can lead to a failure.
This SMA research report provides a five-step decisioning framework that guides insurers to a data prefill and data augmentation outcome. Views of commercial lines processes and data categories are included. In addition, SMA identifies examples of mature and InsurTech data providers.
Table of Contents
- Introduction 3
- Step 1: Declare the “Why” 3
- Step 2: Determine the “Who” and the “How” 5
- Step 3: Establish the “Where” 6
- Step 4: Answer the “What” 7
- Step 5: Select the Right Solution 9
- Cases in Point 10
- Call to Action 11
- About Strategy Meets Action 12