The commercial lines businesses have always been impacted by the complexity of risk assessment and underwriting. Traditionally, this has been done experientially by underwriters. While there are significant opportunities for data, insights, and automation, underwriting decisions primarily dominate the performance of the carriers. To this extent, the underwriting transformation must prioritize enabling insights and decision support over just a tactical automation.
Given the above, it’s imperative to look at the entire new business cycle from submissions, risk profile, risk selection, and pricing to positively impact the underwriting outcome. And this should also be done iteratively to avoid any impact on the ongoing processes and business activities.
Key highlights of the document
- Insights on key industry numbers and imperatives in commercial underwriting
- Highlights the focus areas for transformation
- HCLTech' offering ecosystem
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