ATLANTA – LexisNexis Risk Solutions, a technology, data and analytics company, released the findings of a new commercial insurance study, which reveals the challenges small commercial insurance carriers face and how to turn these challenges into opportunities in order to maintain profitability and gain a competitive advantage.
To better understand how commercial insurers are dealing with current pressures, LexisNexis Risk Solutions surveyed over 400 insurance professionals working in workers’ compensation, commercial auto, commercial property and business owners’ policy lines, and asked their perspectives on five topics – Automation, Data Assets, Predictive Modeling, Customer Experience, and Market Trends - with direct bearing on their business, including the potential impact of future trends. The resulting report, titled, A Time of Change in Small Commercial Insurance, brings to light that commercial insurers can no longer be complacent with current processes and capabilities. In today’s digital era, customers have advanced expectations for service, efficiency and innovation, and those carriers who deliver gain the competitive advantage.“With major technological innovations being introduced and customer expectations changing, today’s commercial insurance marketplace is more challenging and competitive than it’s ever been,” said Mathew Stordy, Senior Director of Commercial Insurance at LexisNexis Risk Solutions. “It can be overwhelming for commercial insurers to know where to begin in order to keep up and gain a competitive edge. But the good news is that the carriers who identify the gaps and act now can make meaningful progress towards attaining 2019 and future goals.”
The report reveals key insights that demonstrate clear gaps within current processes and capabilities that can be turned into actionable opportunities for small commercial insurers to be successful in 2019 and beyond. Based on the study, LexisNexis identified the following insights for each of the five topics:
The research in the study also indicates that there are opportunities for both traditional and non-traditional carriers to do business more effectively. Many of the carriers recognize the importance of current and emerging market trends and understand the potential value that embracing them can bring to their business. However, few are taking sufficient action to keep up and, as a result of this, are lagging behind. Every time a carrier fails to turn an opportunity into a business asset, they risk lagging further behind changing market demands and evolving customer expectations. The report underscores that carriers should act now and not be complacent.
To read the full report, A Time of Change in Small Commercial Insurance, click here.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions includes seven brands that span multiple industries and sectors. We harness the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.