In the face of shrinking premium, commercial P&C insurers are constantly having to hold the line on underwriting expenses even as they strive for higher submission and policy counts. Additionally, with around 20% of data from agents and customers found to be inaccurate, commercial insurance underwriting companies need to leverage external data and AI to:
More than half of the key questions can be pre-filled and validated with >90% accuracy
Up to 40% improvement in straight-through-processing (STP) rates
USD 100–150 million in impact identified with business teams of multiple carriers for General Liability, BOP and WC underwriting.