Ping pong is a great gameābut not one you want to play when it comes to working. The back and forth created by common pain points in the underwriting process, such as partially complete, illegible, and wrongly completed forms, is annoying for both brokers and customers.
Automation and smart forms have been commonplace in our internet experience since the late 1990s, and yet, the underwriting process is still a retro throwback of paper and PDFs. The good news is that transformation is on the horizon. According to an August 2022 Strategy Meets Action eBook by Deborah Smallwood, senior partner, and Mark A. Breading, partner, titled, “Middle-Market and Large Commercial Lines Underwriting Transformation: The Next Era,” 87% of insurers are expecting to see changes across the underwriting process in the next five years. Strategy Meets Action is a strategic advisory firm and a ReSourcePro company.