While not a recent development by any means, digital transformation has seen its influence grow in recent years owing to the complexities of ongoing global events. And this has not just impacted business owners who are evolving along with their systems, but the customers as well, who are now increasingly digital native and used to having their needs met at the touch of a button.
The blistering pace of digital transformation has fostered a significant evolution for underwriting capabilities as well. From risk management and assessment to overall customer experience; digital underwriting solutions have opened new ways of empowering underwriters through an optimum blend of process and technology. In fact, a case study from 2021 shows that over 200 insurance executives from around the world ascertained technology and new data to be the driving factors behind the underwriting process.