Insurer Survey By FirstBest Finds Improving Loss Ratio, Underwriting Quality And Revenue Growth Top Priorities For Commercial P&C Carriers
BEDFORD, Mass., April 11, 2013 /PRNewswire/ -- Are commercial carriers experiencing both pressures and opportunities created by new technologies, abundant data and higher customer expectations? The infusion of technology and how we deploy it are changing business models on a daily basis. What urgent needs are driving industry shifts and responses? And how well-equipped are carriers to handle these changes? FirstBest® Systems, Inc., provider of collaborative underwriting systems for global insurance carriers, today revealed highlights from a survey about top organizational goals for commercial lines insurers, addressing these insurance front office questions and more.
To explore the evolving priorities and needs of underwriting organizations, FirstBest queried attendees of the NAMIC Commercial Lines Conference last month. FirstBest received 64 survey responses from executive leadership, underwriting, product management, and marketing professionals with business management responsibilities. The respondents represent more than 40 commercial P&C carriers.
With each question, respondents were asked to select up to three of the possible responses offered. Findings included:Accuracy, underwriting quality and increased responsiveness ranked highest when carriers were asked " What will most help you grow and differentiate your company? "
- Make more accurate decisions; optimize underwriting quality (64%)
- Increase responsiveness and speed application process (61%)
- Make it easier for agents and brokers to work with us (47%)
- Increase efficiency and turnaround (55%)
- Improve loss ratio with greater quality (53%)
- Grow revenue with new and existing agents (42%)
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