Automated Commercial Underwriting; Overview, Best Practices, and Case Studies

by Donald Light, October 29, 2007

Abstract

San Francisco, CA, USA October 29, 2007

Automating Commercial Underwriting: Overview, Best Practices, and Case Studies

Celent looks at how commercial lines insurers are benefiting from automating the underwriting process.

In a new report, Automating Commercial Underwriting: Overview, Best Practices, and Case Studies, Celent examines what underwriting automation means in commercial lines, how insurers are doing it, and what benefits they are receiving. These benefits include the four financial elements of a business case: underwriting operational expenses, premium revenue, losses, and IT expenses.

"The past ten years have seen a large degree of automation in the underwriting process for personal automobile and homeowners insurance. There has been substantially less automation of the commercial lines underwriting process," said Donald Light, senior analyst and author of the report. "However, much of the same technology pioneered on the personal lines side is now being introduced into the commercial market."

The 25-page report contains ten figures and one table. A table of contents is available online.

Members of Celent's Property/Casualty Insurance research service can download the report electronically by clicking on the icon to the left.  Non-members should contact info@celent.com for more information.  

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

San Francisco, CA, USA October 29, 2007

Automating Commercial Underwriting: Overview, Best Practices, and Case Studies

Executive Summary 03
Introduction 04
What Is Underwriting Automation? 05
A Closer Look at Task Automation 08
Commercial Underwriting Automation Benefits 11
Underwriting Automation Technology 14
Building an Automation Roadmap 17
Case Study: Darwin Professional Underwriters 20
Case Study: The Package Policy Profit Center 22
Case Study: Lexington Insurance Company 24
Conclusions 25

 

Sign in to download reports and access personalized information