Winning in the digital insurance market benefits everyone involved.

TLDR:

• The digitization of the insurance market benefits insurers, brokers, and policyholders through enhanced efficiency and collaboration.
• The history of digitization in insurance, from the 1980s to today, shows a shift towards a more unified industry in a digital landscape.

Key Elements:

The transformative shift to digitization in the insurance market provides several advantages for the industry stakeholders:

1. Collective product development and enhanced customer experience through collaborative efforts.
2. Unified advocacy and fraud prevention by pooling resources and expertise.
3. Combining research and development resources on complex technological advancements.
4. Shared data-driven decision making, especially in underwriting, to identify risk patterns and market trends.
5. Improving model accuracy and interpretability through more easily explainable models.

From the broker’s perspective, the article highlights the challenges faced in commercial lines efficiency, particularly around raw client data and the need for seamless connectivity. Brokers are focusing on solving the data formatting issue and the importance of collaboration with carrier partners to streamline processes.