A white paper focusing on growing SME insurance with next-generation digital capabilities
With business risks becoming more complex and the economy more uncertain, small to medium-sized enterprises (SMEs) offer rich potential for insurers. Technology-related risks such as from cyber incidents and supply chain disruption are driving up exposures. And business interruption risk has recently become very real for many. Yet, an overwhelming number of companies are significantly underinsured.
This paper describes how a new generation of digital platforms are empowering insurers to grow their SME business in collaboration with their go-to market partners.
Less waste, more speed
The commercial insurance industry is calling out for fast and efficient processes. However insurers and brokers are still held back by tedious, time-consuming data administration across diverse systems.
This causes frustration and wastes time for everyone involved. It also means less time spent managing relationships with customers, understanding their needs, and developing more useful products and services.
It’s therefore not surprising that process optimization, in distribution and system usage, has become a hot topic.
Aggregator sites are perhaps the ultimate in efficient delivery, not least for small business owners who can take out a ‘standardized’ policy with minimal hassle. However, many businesses still rely on their trusted broker for cover.
Brokers for their part are taking advantage of insurer portals and e-trading platforms to connect their customers with suitable products.
But as businesses grow, exposures rise and risks become more specialized, underwriters and brokers invariably need to get more involved. Expertise and advice become all the more important.
The catch for underwriters is the time spent reviewing submissions and quotes. Taking too long can make some commercial lines uneconomical to service. This can result in not pursuing business even when underlying loss ratios are favourable.
Operational speed through automation and easy user experiences is of the essence.
To continue reading the full paper, click the button below to download now.
For more information on how to leverage technology to improve speed to market and underwriting performance in commercial lines, check out the virtual roundtable TIN is hosting with Vlocity on 1st October here.
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