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If you’re responsible for managing and growing your commercial property and casualty insurance business, you’re facing increasing pressure from new competitors and insurtech disrupters, as well as pressure from your customers, who are demanding faster, simpler digital interactions, just like they get in the consumer market.
Those are just a few of the findings of Strategy Meets Action (SMA), a strategic advisory and research firm specializing in the insurance industry, in its latest market research report forecasting what priorities commercial P&C carriers will focus on in 2019.
So how do you make sure you’re focusing on the right strategy and initiatives, so that your commercial insurance business is positioned to take advantage?
It’s a question we take seriously. That’s why we’ve partnered with SMA Research to license a custom reprint of their new report and make it available to you. The report gives you plenty of insight into the commercial insurance marketplace to help you develop your own operational and IT plans.
We’ve covered some of the main trends below, but for the full picture, we’d invite you to download the entire report so you can get the context and information you need.
Let’s dig into some of the main trends.
These market pressures are leading commercial insurers to actively undertake digital transformation initiatives, from the core back office to front-facing customer engagement.
In 2018, only 16 percent of commercial insurers were broadly deploying digital transformation changes — 2019 has seen that number more than double to 34 percent, according to SMA Research.
At the same time, SMA finds that more insurers have moved from early-stage planning into initial implementation of their digital initiatives. Encouragingly, many of these digital transformation initiatives are focused on streamlining and smoothing the customer experience – something we champion at Intelledox.
It’s no surprise that more commercial insurers than ever are investing in big data and analytics for risk management. As the world becomes more interdependent, cybersecurity, environmental, political, and other risks can impact supply chains, marketplaces and organizations around the world.
Commercial insurers are now combining internal information and underwriting data with external data sets that represent how the world is changing, SMA reports. AI and machine learning can then analyze these models and predict the likelihood and impact of certain risks, allowing for more accurate claims predictions, underwriting, and pricing. (Check out our own AI-driven solution for converting PDFs into digital interviews.)
The idea and practice of innovation is seeping into the foundation and culture of commercial insurers, according to the SMA report. Innovation is no longer seen as something you need to hire an external consultant for, or purely as an R&D or business development initiative.
Almost two-thirds of commercial insurers were past the planning stage for introducing innovative thinking into their businesses, according to the 2019 report. Even more surprising to SMA was the sheer range of innovation activities, including innovation labs, hackathons, innovation executives, new organizational structures and collaboration technologies.
It’s very gratifying to see insurers focusing on the customer journey and experience. We believe CX is one of the key differentiators for acquiring and retaining happy customers—a true, omnichannel approach that provides best-in-class customer service while making things as fast, simple, and trouble-free as possible for policyholders.
Commercial insurers are recognizing this too, with nine in 10 of them implementing customer experience activities in 2019, and one in five already in broad deployment, according to SMA Research.
SMA Research sees a huge jump here, from no commercial lines insurers working to implement insurtech in 2018, increasing to 42 percent in initial or broad deployment in 2019. Technologies focused on streamlining insurance are targeting a range of processes, with investments expected in leveraging AI and machine learning, supporting new sectors like the sharing economy, using new data sources, or optimizing specific parts of the commercial insurance business like servicing claims.
This is just a brief taste of the full report, where you’ll also find plenty of information on:
Download your copy of the full report now.
We’re also excited to announce a new webinar we’re hosting on Thursday, April 4th featuring SMA lead Mark Breading and our own Neal Keene. We’ll be sharing how organizations like Chubb, Michigan Farm Bureau Insurance and Philadelphia Insurance are re-imagining their traditional forms and manual processes.
Register now for Commercial Insurance: Rethinking Agent & Customer Interactions, scheduled at 2 pm Eastern US time. (If you can’t make that time, register anyway and we’ll send you a link to the replay.)
And for even more information, find out how Intelledox works with commercial insurers to revolutionize the customer journey. You can even see a short demonstration of how customers can apply for rental property insurance. If you’re looking to streamline your commercial operations, let’s talk.
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