Commercial Insurers Ready for Underwriting Automation
However, gaps exist between business' and IT's expectations, definitions and applications, according to Strategy Meets Action.
INN Breaking News, March 18, 2014
The opportunity for automated underwriting of complex risks is growing, as the technology has matured and insurers realize their dissatisfaction with the underwriting support offered by their policy administration systems, according to Strategy Meets Action. Results of the insurance advisory firm’s survey and report, “State of Commercial Markets Underwriting Automation,” shows more than half of insurers with commercial lines are spending as much as 10 percent of their IT budgets on underwriting.
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