Innovation has become the key to success for commercial insurance<\/a> companies. Traditionally, commercial insurance carriers have been slow adapters to new technologies and trends. Most significantly, digital transformation<\/a> has seen slow adoption due to highly regulated and complex products as well as an agent and broker-dominated sales model.<\/p>\n As the expectations and demands of both agents, brokers and insureds change, the pace of progress has accelerated in the commercial insurance space. Additionally, the accessibility of digital solutions tailored for commercial products has increased.<\/p>\n What was once considered experimental innovation<\/a> has become table stakes. Insurance carriers are racing to adopt digital solutions and striving to simplify how agents and brokers engage with them while seeking to improve efficiency and profitability.<\/strong><\/p>\n In part one of our two-part series<\/a> on embracing digital innovation due to changing customer expectations, we\u2019ll cover these dynamics from the perspective of the carrier and explain why digital has become a point of emphasis for the industry, and how carriers can embrace it.<\/p>\n We\u2019ve seen for some time that Personal Lines Insurance customers are used to getting everything they want in a few clicks or taps. More recently, we\u2019ve seen those same expectations carry over to Commercial Lines. Both Agents and Brokers and insureds have higher expectations for working digitally. The seamless digital experience they expect now includes on-demand products and services, accessibility, product diversity and ease of use.<\/strong><\/p>\n Digital transformation has become critical to staying competitive as well as retaining and acquiring customers. As a result, insurance carriers have been working to transform their digital space by creating self-service tools and customer portals, mapping out customer journeys<\/a>, and expanding their digital options and offerings at unprecedented rates.<\/p>\n Along with engaging customers and agents, carriers are feeling the pressure to be more efficient. Insureds find the long cycle times and slow claims processes in the insurance industry to be unacceptable \u2013 they have grown accustomed to completing tasks digitally and seamlessly in so many other aspects of their lives.<\/p>\n Carriers who struggle with the complexity of their legacy systems and time-consuming process are taking this opportunity to incorporate the latest digital-focused technologies into key areas of the insurance value chain. Digital innovations that are primed for insurance use cases are allowing carriers to accelerate their claims and underwriting efficiency, compliance and productivity.<\/strong><\/p>\n Here are some innovations carriers are embracing to reduce complexity and increase speed:<\/p>\nRising Digital Expectations<\/h2>\n
Increasing Process Efficiency<\/h2>\n
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Partnering with InsurTechs<\/h2>\n