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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

Library: IIR – AI and the Amazon effect on commercial insurance

Executive summary:

Let me ask a loaded question that might ruffle a few feathers: How successful do you think Amazon would be if it only responded to 40% to 50% of the orders customers placed online? It may sound absurd, but this is exactly the predicament many commercial insurance brokers and agents are put in every day when they submit an application to a carrier on their customer’s behalf.

 The Digital Insurer reviews IIR’s Report on AI and the Amazon Effect on Commercial Insurance

A lack of automation would be intolerable in other sectors 

A lack of automation in the submission intake process means that many carriers can only respond to less than half of the submissions they receive simply because they get too many. For business that the carrier doesn’t want to write, it’s not uncommon for distribution partners to receive no response at all. Can you think of another industry where this would be acceptable?

Commercial is behind the times

Sure, you can argue this isn’t a fair comparison. Insurance is complex, a world unto itself. Commercial insurance coverage is a unique product category that can’t—and shouldn’t—be sold online the same way as, say, a new tablet or yoga mat. But the Amazon example exposes just how far behind commercial insurance has been historically when it comes to the digital customer experience, and why it’s full speed ahead for digital transformation in commercial lines.

“I like to liken it to Amazon,” says Tony Fenton, VP, Commercial Lines Underwriting and Product, Nationwide. “Think about this last year from a pandemic perspective, having the ability to click ‘Buy’ and get an item in a couple of days. That user experience is unique and different. I think the insurance transaction hasn’t morphed a lot over the last couple of decades. The expectation of agents and customers continue to change and if companies don’t clearly understand the needs of our distribution partners and customers and meet them where they’re at with the evolving expectations, I do think that there will be gaps.”

A holistic approach to insurance innovation

It might be tempting to dismiss the lack of automation as a “carrier problem,” but high-volume manual processes create bottlenecks, gaps and friction that can be felt across the entire insurance value chain—carriers, brokers, MGAs, and independent agents all struggle with the impact of outdated manual processes. On the broker side, examples of time-consuming manual processes that are ripe for automation and acceleration include checking policies for errors and omissions and comparing quotes to find the best option for clients.

While everyone has a vested interest in making the end-to-end, quote-to-bind process as smooth as possible, brokers, MGAs and independent agents are the first to hear from frustrated customers when manual underwriting and brokering processes cause delayed responses, errors and omissions, or holdups in issuing a policy. So, it’s no surprise that brokers and agents have traditionally been the most vocal catalysts for change, taking up the charge when it comes to embracing emerging technologies like artificial intelligence (AI) that can elevate the customer experience.

In this article, I want to talk about how AI can help you deliver a better customer experience by providing new ways to solve old problems that continue to plague the commercial insurance industry.

See the full report for more…

Link to Full Article:: click here

Link to Source:: click here

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