Case Study
Small Business Insurance is a Shifting Landscape
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New World, New Challenges
The world has changed dramatically in 2020, and while the term “the new normal” is heard over and over, the truth is we don’t know what the new normal is going to be yet. The world is struggling with effectively managing a remote workforce, when possible, and this brave new world is providing more than enough challenges for employers— and underwriters. The unique insights provided by new data sources are required for accurate underwriting now and in the future.
Businesses Are Changing
There is a massive demographic shift going on right now in small and medium-sized businesses because of the global pandemic. Carriers should take a step back to look at the big picture—these make up a huge client segment, and how are you going to deal with them? How could these business models evolve due to the pandemic and its ripple effects? Carriers need more data, more insights and, most importantly, more RULES. “Those who have the best rules win,” said Gail McGiffin.
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Moving to a more scientific approach
The industry has yet to unleash the full power of the complete array of emerging data sources. The trick is how we look at data, and doing it differently than we have in the past. There are now “dimensions” of data that need to be galvanized to get the most from it. The aggregation of data provides perspective and a path to no-touch automation and improved underwriting capabilities.
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Policy interaction and misclassification
A very important shift is happening in the commercial P&C world, one that is moving from a model that relies on human review to one that relies on human intelligence— but it’s not happening fast enough. Thanks to the new data sources, there is an increased level of interaction with the policy throughout its lifecycle. Businesses change, grow, and adapt, and a carrier that’s not keeping up can lose out on a great opportunity to fine-tune its book of business.
