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Streamlining the underwriting process in Commercial Insurance
Operational efficiency in the underwriting process - Key to profitability
For commercial underwriting and P&C operations leaders.
Key findings
- Underwriters spend ~14 hours weekly (35% of working hours) on tasks that could be automated.
- Manual data collection for a single application takes 60–90 minutes on average.
- 90% of required underwriting data points are available via the Veridion Match & Enrich API in ~1.5 seconds.
- Only 5% of underwriters believe technology has automated or eliminated their non-core tasks.
- Partnering with a B2B business data provider can cut underwriting process time from days to minutes.
Overview
What this report covers
How commercial insurers can transform a lengthy, manual underwriting procedure into a swift, efficient, and highly accurate operation by leveraging business data providers and the Veridion Match & Enrich API.
14 hrs/wkunderwriters spend on automatable tasks (~35% of their week)
90%of underwriting data points returned in ~1.5s via Veridion
5%of underwriters say tech has automated their non-core work (2021 P&C Underwriting Survey)
Inside the report
Questions this report answers
- Where do underwriters actually lose 14 hours a week, and which tasks can be automated?
- Why is manual data gathering the hidden drag on underwriting profitability?
- How do you cut underwriting research from days to minutes without losing accuracy?
- What does a third-generation, data-integrated underwriting workflow look like?
- Which business data points should a provider deliver straight into your workflow?
Contents
What’s inside
- What commercial underwriting really involves
- The challenges underwriters face and the hours they lose
- The cost of manual data gathering
- The Veridion Match & Enrich API solution
- The way forward: third-generation digital underwriting tools
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Read the full 15-page report
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