How has the digital transformation of the insurance industry shaped up so far for commercial property insurers? A new study finds that they have zeroed-in on applying predictive analytics to improve their underwriting.
The global online survey and follow-up interviews with more than 40 carriers, brokers and insurtechs in the middle-market and large commercial and specialty segments, were conducted earlier this year by EY, the advisory firm. The findings show that while digitalization of the underwriting function is rapidly taking place within the commercial segment, technology deployments have been limited to just a few applications, such as developing pricing models and parsing demographic data.
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