The hype about technology, analytics and the untapped value of data in the commercial insurance space is finally bearing fruit for a wide range of carriers. Tech-enabled, data-driven, automated underwriting is delivering multiple benefits. These include:

• Incredibly rapid, remote underwriting decisions.
• Transparency along the value chain.
• A more profitable portfolio due to improved risk selection.
• The wider social benefits that insurance can deliver as better-informed carriers are able to drive improvements in corporate resilience.

Many of these benefits have been achievable in theory through technology for several years, but it's only lately they've become accessible. Barriers to entry into the algorithmic commercial underwriting space have been lowered through a multiplicity of specialist insurtech's such as Akur8. They make it much more feasible for start-ups like Vave — which deploys an array of insurance products supported by advanced algorithmic functions through a suite of white-labeled API services — to offer bindable quotes to brokers without human intervention. When backed by complete life-cycle risk servicing, that makes for an effective package that's easy to establish.