Clear Sailing for Commercial P&C Distribution?

Celent will help qualify your requirements and introduce you to the vendor
Spotted a missing vendor? Use this form to alert a vendor to the Celent service
Create a vendor selection project & run comparison reports
Register to access this feature
Click to express your interest in this report
Indication of coverage against your requirements
Vendor requires PRO subscription to activate this feature
Requires research subscription, contact Celent for more info
14 September 2015

REPORT PREVIOUSLY PUBLISHED BY OLIVER WYMAN

Abstract

With the rapid digitization of insurance datasets by insurers and brokers, we will soon be at an inflection point where a few players are able to create a “map of all insurable risks.” This opens up a new world, where insurers can more efficiently target profitable business that they have a high propensity to win. Insurers and brokers are already building sophisticated predictive algorithms — models that tell an underwriter which business to quote and a broker which insurer to consider for a given risk. The overall efficiency of distribution will increase dramatically when insurers and brokers are able to establish channels to transfer reliable signals based on the risk map and the models. The key hurdle is however, not data or analytics, but changing the ingrained behaviors of underwriters and brokers to adopt a new way of working. Oliver Wyman believes that this new transparency will shake up the hierarchy of the industry. Scale will be less important, and numerous players will seize opportunities to disrupt traditional arrangements and relationships. Winners will be early movers, who not only build the map and models quickly, but who are successful in changing behaviors.

Insight details

Content Type
Reports
Report Type
Industry Trends