How Insurers Who “Fail Fast” Produce Better Results
Perhaps the most painstaking part of an agent’s job is gathering all the details required by underwriters for a new policy submission. Or perhaps it’s waiting for a response. Previously, it could take carriers days to parse through the data and follow up with their decision.
The transaction — still driven largely by manual processes — begs for more digitalization.
Insurance carriers have begun to shift to a digital format through the development of proprietary carrier platforms designed to ingest, clean, and organize data quickly and without the need for human interference.
In the small commercial space, these platforms have offered an advantage to agents and underwriters. In the middle market and larger client space, though, they offer less value to agents simply because client solutions ultimately require more than one carrier.
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