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The Next Competitive Frontier: Commercial Underwriting Innovation and Transformation

The Next Competitive Frontier: Commercial Underwriting Innovation and Transformation

July 29, 2021

Underwriting in insurance is essential to performance excellence.  It has evolved from heavily manual, paper-based workflows to digitized, automated processes leveraging business rules engines in next-generation core systems. Once again, it is poised for further evolution! SMA research indicates a gap between what insurers do today and what is needed today and in the future. In fact, 81% of insurance executives expect underwriting roles to be significantly different than they are today. Insurers will need to evolve underwriting to embrace industry change, new data, and technologies and most importantly, meet the needs and expectations of customers today and tomorrow.

This new evolution will be powered by a next-generation underwriting workbench that leverages a digital no code / low code platform, AI and machine learning, innovative models and predictive analytics, new communication and collaboration tools, data ingestion capabilities for policy, loss control, third-party, public and new sources of data.  It is starting with small commercial and rapidly moving to mid-large commercial business.

To help insurers begin this journey of underwriting digital transformation, this webinar will discuss the evolving shift in underwriting, the crucial elements of the next-generation underwriting workbench, and why insurers must begin now to remain competitive in the commercial lines market.  It will include a demo of a next-generation underwriting workbench and how it will deliver a better customer, broker, and underwriter experience and ultimately profitability and performance excellence!

Speakers
Denise Garth - Chief Strategy Officer, Majesco
Deb Smallwood - Senior Partner, Strategy Meets Action
Lulu O'Leary - Partner Financial Services, KPMG
Jeanne Johnson - Principal U.S. Advisory Practice, KPMG
Nishit Shukla - VP Product Management, Majesco