With the integration of advanced technology and data enablement, agents can focus on expanding their roles as trusted advisers, offering valuable insights and guidance to their clients.
The insurance industry is gradually transforming as more companies adopt intelligent technology to streamline the commercial underwriting process. This shift benefits both agents and insurers, as well as their policyholders — by providing a better customer experience. The use of data solutions and intelligent technology in underwriting allows for more accurate and transparent risk assessment, reducing the need for extensive back-and-forth communication with policyholders. With just a business name and address (or email/website), these solutions can answer underwriting questions in seconds and quickly deliver quotes. The application of analytics empowers agents to identify and present essential coverage options to prospects, enabling the proactive tailoring of insurance coverages for specific businesses.
But while technology plays a crucial role in automating routine tasks, agents are still vital as their knowledge and expertise helps resolve complex policy management issues at the point of sales and service. With the integration of advanced technology and data enablement, agents can focus on expanding their roles as trusted advisers, offering valuable insights and guidance to their clients. To capitalize on emerging trends and capabilities, it is essential for agents to partner with insurers that prioritize technological advancements, leading to increased accuracy and efficiency in the underwriting process.
For more thoughts on digital underwriting trends impacting the service from agents to policyholders, check out this article by our chief underwriting officer, Chris Schrenk.