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Snap Poll on Small Commercial Insurance

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Celent have reviewed this profile and believe it to be accurate.
5 July 2022

Available Only for Members of the NA Celent Insurance Executive Panel

Abstract

Snap polls reflect questions posed by members of the Celent Executive Panel, a group of C level executives in the insurance industry. This question came about from a member who was looking for insights and advice around small commercial insurance and is trying to get a sense for where the industry is investing. This deck provides a summary of the responses to a Snap Poll conducted June 28 – July 3 . 14 insurers responded to this survey over the holiday week.

The question that was posed was:

Background:

This insurer is in the process of looking at where they should focus for future investments. They’re looking at small commercial and want to understand where competitors are investing and especially the balance between the front end and the back end. All the questions below apply to small commercial, including workers compensation.

Questions:

Considering your Small Commercial P&C business, in the past year, have you increased, decreased, or maintained your level of investment?

a. Increased

b. Decreased

c. Maintained

If you have increased: In which areas have you increased your level of investment? Select all that apply.

a. Agent quoting platform – e.g. a portal

b. Other agent digital service experiences

c. 3rd Party Data (either for prefill or for your own underwriting)

d. Data science related to small business

e. Increasing the ability to bind, not just quote

f. Reduced quoting time

g. Other (please describe):

Considering your Small Commercial P&C business, within the next year, are you planning to increase, decrease, or maintain your level of investment?

a. Increase

b. Decrease

c. Maintain

If you have plans to increase: In which areas do you plan to increase your level of investment? Select all that apply.

a. Agent quoting platform – e.g. a portal

b. Other agent digital service experiences

c. 3rd Party Data (either for prefill or for your own underwriting)

d. Data science related to small business

e.I ncreasing the ability to bind, not just quote

f. Reduced quoting time

g. Other (please describe):

When it comes to small commercial, please mark all distribution channels that you’re currently using or considering using.

a. Independent agents

b. Digital agents

c. MGAs

d. Marketplace/Exchange/Platforms (such as Bold Penguin, Bolt, etc.)

e. Comparative raters

f. Direct to consumer under your own brand

g. Direct to consumer under a new brand

h. Other