Infographic – Digital Transformation For Quote-Bind-Issue In Commercial Lines
According to a brand new survey by Intelligent Insurer and Relay Platform, commercial insurers are investing heavily in APIs. A whopping 86% of respondents predict that APIs will transform today’s quote-bind-issue process, with 78% already investing in technology to improve the process.
How does your progress benchmark against that of your peers?
We surveyed 300+ underwriters and brokers to see which capabilities they are investing in, which lines of business they are focusing on, and which tools and technologies the market needs to improve underwriting and renewal success rates and to manage more business.
You’ll access unique, timely and practical insights on how to:
Benchmark Digital Maturity And Levels Of Adoption: Determine the penetration rate of APIs in commercial lines, discover what stage automated and instant quoting is at across the commercial lines market, and benchmark your progress against your peers for the adoption of new tools and techniques, including instant quoting, rating APIs, and comparative raters
Examine Broker Feedback On The Challenges Of QBI: Understand why 94% of brokers surveyed agree that faster quotes would help them to close more business, and discover how brokers are adopting new digital tools to expand their distribution reach, increase renewal success rates, and unlock more business
Get To Grips With The Underwriter’s View: Discover why 95% of underwriters surveyed agree that improving broker experience will increase the volume and stickiness of business for carriers, and get to grips with how underwriters are prioritizing lines for API digitization and implementing new processes to deliver quotes faster, improve underwriting success rates, and manage more business
Pinpoint The Most Valuable Improvements To Set Investment Priorities: Establish which capabilities are most important to underwriters and brokers, including better correspondence methods, efficient data flow, and fully automated quote-binding capabilities, and develop a roadmap to transform your own QBI process now