With all the technology available today, “going digital” might sound easy. But in commercial lines insurance, that’s just not the case.
Businesses and regulations are constantly changing, and it can be extremely challenging to obtain current data on risks and improve underwriting.
The good news is that some insurers have found a way forward. These insurers have developed an in-depth understanding of their existing processes, have identified and prioritized their plans, and have leveraged insurance expertise and insurance-ready data to create a sustainable pipeline of innovation. To follow this path towards digital transformation and improved customer experience, we’ve found that embracing the following five steps may help insurers:
- Assess your current workflows for efficiency and efficacy
- Map a reasonable journey that includes quick wins
- Maintain constant communication with stakeholders and IT
- Leverage data analytics providers with deep insurance expertise
- Iterate, improve and expand