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Best Practices for Commercial Insurance in 2024
Best practices, challenges, and technology priorities for commercial insurance in 2024
For commercial insurance underwriters and risk leaders planning for 2024.
Key findings
- Commercial insurers face pressure from digital disruption, climate risk, cyberattacks, and legacy systems.
- AI can improve underwriting, claims processing, risk assessment, customer service, and fraud detection.
- Data quality, data silos, and manual data gathering remain major operational bottlenecks.
- Insurers can improve retention and renewal outcomes by investing in data strategy and digital infrastructure.
Overview
What this report covers
A 2024 commercial insurance whitepaper covering major challenges, AI use cases, data quality issues, and recommended actions for insurers.
$1.1TAI could add to the global insurance industry each year (McKinsey)
45%of insurers’ commercial customers carry inaccurate core data
60–90 minof manual data gathering per business profile
Inside the report
Questions this report answers
- What are the defining challenges, opportunities, and technology priorities for commercial insurers in 2024?
- Where is AI actually reshaping underwriting, and what is the $1.1 trillion at stake?
- Why do nearly half of insurers’ commercial customers carry inaccurate core data, and what does it cost?
- How do you cut a 60 to 90 minute data-gathering process down to under a minute?
- How can better external data lift retention and reduce churn at renewal?
The underwriter of the future is going to be much more data and analytic driven than they are even today. It is going to be a much more tech-driven role as we move forward.
Contents
What’s inside
- The state of commercial insurance today: challenges, opportunities, trends
- Why accurate data and AI sit at the core of the industry
- Navigating data challenges in commercial insurance
- Improving due diligence with Veridion risk monitoring
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Read the full 41-page report
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