Today’s technology makes “going digital” seem simple, which is why it can be. That is simply not the case with commercial lines insurance, though.
Finding up-to-date information on risks and improving underwriting can be quite difficult because industries and laws are always evolving.
The good news is that some insurance companies have discovered a solution. These insurers have created a sustainable pipeline of innovation by developing a thorough understanding of their current operations, identifying and prioritizing their plans, and utilizing insurance expertise and insurance-ready data.
We’ve discovered that adopting the five steps below may help insurers in their journey towards digital transformation and enhanced customer experience:
- Assess your current workflows for efficiency and efficacy
- Map a reasonable journey that includes quick wins
- Maintain constant communication with stakeholders and IT
- Leverage data analytics providers with deep insurance expertise
- Iterate, improve and expand