Best Practices for Commercial Insurance in 2024 - Veridion
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Insurance

Best Practices for Commercial Insurance in 2024: A Guide for Commercial Insurance Leaders and Analysts

By subscribing, you will gain access to expert analyses and forward-thinking approaches designed to empower you to adapt and grow in the dynamically evolving landscape of commercial insurance.

We will deep dive into..

We will deep dive into..

the challenges, opportunities and technology trends that Commercial Insurance industry is facing right now and how integrating Artificial Intelligence (AI) capabilities and decision-grade data allows insurance companies not only to boost their immediate performance but also to strategically align themselves for enduring, long-term innovation and growth.

Let’s look at the key points covered in this report:

1. How is the commercial insurance industry looking today?
  • Challenges
  • Opportunities
  • Technology priorities in 2024
  • Preparing for the digital age

2. Commercial insurance – a data-driven industry with artificial intelligence (AI) at its core
  • AI in commercial insurance
  • The importance of accurate, reliable, and actionable DATA in commercial insurance

3. Navigating data challenges in the commercial insurance value chain
  • Data challenges in commercial insurance
  • Analyzing the inefficient process of manual data gathering
  • The risks of inaccurate data in commercial insurance

4. How can commercial insurance companies improve the retention rate and optimize the entire process?
  • Improving the due diligence in commercial Insurance - Enabling a risk monitoring solution with Veridion
Insurers need to evolve to better serve industry, society, and the planet

The commercial insurance industry faces significant challenges,

including digital disruption that demands rapid adaptation to new technologies, and an increase in catastrophic claims due to more frequent natural disasters and climate change.

These external pressures require a strategic shift in technology, talent management, and customer expectations. Insurers are therefore focusing on driving efficiency improvements and adapting their business models, products, and corporate culture to remain profitable and competitive.

Key Technology Priorities in 2024 pinpoint

data collection and management, elevating customer experience, and digitalizing underwriting and pricing processes.

Artificial Intelligence (AI) emerges as the cornerstone of this transformative journey, with 52% of insurance CEOs planning to significantly increase their AI investments in 2024.

Our report unveils 7 groundbreaking AI use cases in commercial insurance, showcasing not just incremental advancements but also substantial strides in strategic capabilities and competitive edge.

This transformative impact of AI depends on the availability of high-quality data. With reliable and rich data at its core, AI enables insurers to analyze complex risk scenarios with unprecedented precision, offer highly personalized insurance products, and engage with customers through more intuitive and responsive channels.

In this context, AI-driven data emerges as an essential factor, offering indispensable benefits such as significantly enhancing risk assessment, customer service, fraud detection, and the personalization of policy offerings.

Veridion’s decision grade data with its AI capabilities can streamline the core
activities of a commercial insurer, such as underwriting and risk management. Let’s explore 6 use cases of Veiridion’s decision grade data:

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Cutting-edge Quote to Bind

  • Veridion's Match & Enrich API accelerates the quote to bind process by rapidly pre-filling and validating applicant data from minimal input, leading to faster policy issuance.
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Proactive Policy Management

  • Veridion's API supports real-time monitoring of changes in policies, locations, and product types, enabling insurers to adapt policies promptly to changing customer circumstances.
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Enhanced Customer Experience

  • The Match & Enrich API, which can generate a full business profile from just a name and an address, speeds up the quote to bind process. This rapid data pre-fill and validation improve the accuracy of applicant data.
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Enhanced Risk Assessment

  • Veridion's decision-grade data enables insurers to conduct up-to-date evaluations of risk profiles. This feature facilitates automatic monitoring of changes in underwriting risks and business activities, ensuring policies are always aligned with current needs.
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Reduced Premium Leakage

  • Veridion's comprehensive business profiles allow for real-time premium adjustments based on current business performance and risk factors, thereby improving fairness in pricing.
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Reduced Churn Rates

  • The main reason for reduced churn rates is the ability to offer a simplified customer experience for clients, automating much of the manual work and reducing costs per user.
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Underwriters assess diverse types of business data to determine whether their company should collaborate with a potential business and at what insurance premium.
However, despite having access to vast amounts of data, insurance companies often struggle to harness the full potential of data insights and data governance.
Our partnerships with leading insurance firms have revealed certain recurring challenges in the commercial insurance industry. In chapter 3 and 4 of the report, we expand into the main factors that lead to data challenges for insurers, provide an insightful analysis of these obstacles and explore solutions like Veridion’s Match & Enrich API to overcome them.

If you want to:

Gain a comprehensive understanding of the challenges and the top priorities for commercial insurance companies in 2024.
Explore the value of Veridion’s decision-grade data and its transformative impact on Commercial Insurance.
Discover the most effective strategies and the latest technologies driving growth and innovation in the commercial insurance sector.

Subscribe with your email and you'll immediately receive a copy of the report.

“Best Practices for Commercial Insurance in 2024”

With this report, you'll unlock answers to
key questions, such as:

What challenges do commercial insurance companies face in 2024, and how can these be converted into opportunities for growth and innovation?

The report explores the crucial balance between technological integration and adaptive people management, alongside a customer-centric strategy, where partnerships and vendor relationships play a key role in addressing data challenges.

What strategies should insurers adopt to meet customer expectations and fully embrace digital transformation?

Our report deep dives into how insurers are shifting paradigms by prioritizing proactive prevention, risk assessment, and educational initiatives to exceed customer expectations.

How can artificial intelligence (AI) transform the commercial insurance process?

Our analysis focuses on how AI is redefining the entire spectrum of risk management and customer relations, promising unparalleled efficiency and accuracy in how claims are processed, fraud is detected, and customers are engaged. With this report you will explore seven high-impact use cases of AI that are setting the stage for future innovations.

How can decision grade data enhance and streamline the entire commercial insurance workflow?

Discover how Veridion’s Match & Enrich API harnesses the transformative power of decision-grade data to redefine the commercial insurance landscape. This breakthrough technology not only tackles the challenges of data inefficiency but also significantly reduces the reliance on manual data gathering. By ensuring data accuracy and comprehensiveness, it mitigates risks and streamlines the entire insurance workflow.

Embark on this transformative journey with us, and equip yourself with the knowledge and tools necessary for success in the commercial insurance digital age.

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