Underwriting automation will ease competitive and pricing pressures for all sizes of insurers, according to Strategy Meets Action (SMA), and the opportunity for automated underwriting grows as insurers realize their dissatisfaction with their policy administration systems.
Twenty-seven percent of commercial insurer respondents to SMA's "State of Commercial Markets Underwriting Automation" survey said they were not satisfied with their policy administration systems—the highest rate of dissatisfaction among all technology investments.
SMA theorizes that this is because policy administration systems no longer satisfy the need for commercial lines underwriting in the areas of risk evaluation, analysis and decision-making. On average, 37% of the underwriting process is managed through the respondents' policy administration system.
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