How Innovation and Customer Centric Technology Are Improving Outcomes for Commercial Insurers
New insurance competitors are often bypassing traditional distribution and building more immediate relationships based on new uses of analytics and data.
New developments in commercial insurance distribution are coming as non-insurers incorporate coverage into their range of products and services. The challenge for insurers is to remain part of the customer's ecosystem.
Successful insurers and brokers have developed relationships of trust with their insureds, but those relationships can be tested by firming markets and industrious competitors who develop new ways to provide risk solutions.
Expanding access to data means insurers are better positioned to identify and transact with smaller business organizations, including by smoothing the application process and requiring fewer data elements directly from customers and applications.
Insurers saw their worlds changed by Covid-linked restrictions, but those same developments introduced new exposures, workplace changes and business resets for insureds and prospects.
