The legacy underwriting system is fraught with inefficiencies—delayed generation of quoting premium results in poor customer experience. Moreover, the wrong price quote by the carrier results in redoing the process from the beginning, which is unproductive from the customer perspective.
To remain competitive, insurers must accelerate the underwriting process. But to do so, carriers must deal with a rising agent and broker dissatisfaction with the underwriting platforms, competing with insurtechs and the legacy technology. The underwriting process must be a “rewarding customer journey from obtaining an initial quote through policy issuance, service and renewal”.
The COVID-19 pandemic has changed the behaviour of the economic factors in the insurance industry. There is a fall in global premium by 2.1 per cent, and the massive demand led by the crisis has redirected the logic of selling insurance from a “pure-product” to a “holistic service” approach. This paper will discuss the strategic underwriting challenges and proven solutions from industry leaders to stay ahead of the competitive landscape for the next decade.
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