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  5. Commercial Lines New Business Submissions - New Tools for a New Day

Commercial Lines New Business Submissions - New Tools for a New Day

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23 September 2020
Karlyn Carnahan

Abstract

Commercial lines is a line of business characterized by heterogeneity of operations, complexity due to the wide variety of coverages and the scale of insurable exposures, and a growing need for data. The process of placement is generally inefficient, requiring a lot of manual intervention, which means the turnaround time can be quite slow. All parties involved in this transaction — policyholder, agent, and insurers — benefit when automation is applied appropriately to streamline the process. But fast isn’t enough. Insurers need to be able to make good underwriting decisions, and agents need to be able to send new business submissions to the right insurer.

However, modernizing the new business submission process isn’t just about improving the agent experience. It’s also about cutting insurer costs, improving underwriting decisions, and creating cost efficiencies. If an insurer can improve their close ratio, they drive better results. If they can easily decline business that doesn’t meet their appetite — or better yet, never see that business — they improve their results.And of course, while the discussion is focused on new business, the same technologies apply for renewals. Renewals may be even more important than new business simply because renewals represent the bulk of the insurer’s premium and the insurer’s work.

A number of ways of using technology have arisen that can be used to take the friction out of the process. Technology can be used not only to drive cost efficiencies but to create a differentiated agent experience.

Whether simplifying the process of finding a market, reducing the work of data entry, providing transparency in the process, or improving collaboration, technology adds value across the agent journey

As competitive pressures continue to increase, many carriers are investing in improving the agent experience as one of their top priorities. That typically means a streamlined user interface with significant data prefill to reduce data entry requirements.

We’ll look at some of the ways technology is being applied to improve the new business/renewal process for commercial lines.

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