{"id":96568,"date":"2022-12-13T16:59:47","date_gmt":"2022-12-13T16:59:47","guid":{"rendered":"https:\/\/www.commercialriskonline.com\/?p=96568"},"modified":"2022-12-14T08:01:58","modified_gmt":"2022-12-14T08:01:58","slug":"commercial-insurance-entering-the-digital-age","status":"publish","type":"post","link":"https:\/\/www.commercialriskonline.com\/commercial-insurance-entering-the-digital-age\/","title":{"rendered":"Commercial insurance entering the digital age"},"content":{"rendered":"
It\u2019s fair to say digitalisation for commercial insurance has been lagging behind the personal lines sector. Part of this is simply because the risks are bigger, more complex and often require tailor-made covers. But the commercial market is moving forward and big steps have been made by some of the leading players to address digitalisation. Tony Dowding reports.<\/em><\/p>\n Digitalisation and the use of technology by the commercial insurance sector finally appear to be gaining some traction, which is good news for risk and insurance managers. No one wants to deal with a slow and inefficient service provider, and the insurance sector has realised the need for change and investment has been made. <\/p>\n J\u00f6rg Bertogg, chief operating officer for commercial insurance, Zurich Insurance Group, admits that commercial insurance has been moving at a slower pace of digital adoption in comparison to other areas such as personal lines. He says there are many reasons for this, such as complexity, scale, nature of the business and so on, but he believes now is the time for this to change. \u201cTechnology has progressed to a point that we now have valid solutions to some of the most technical challenges, which we can leverage to make real improvements in the way we transact business,\u201d he says.<\/p>\n Matthieu Caillat, AXA XL\u2019s chief operating officer, agrees that the large P&C insurance sector hasn\u2019t matured at the same pace as personal lines, as the risks covered are by definition larger and more complex, and their underwriting requires a higher degree of customisation.<\/p>\n \u201cIn commercial insurance, clients also have different expectations from carriers. Insurers have to take into consideration specific coverage needs that can help clients better manage their risks, therefore off-the-shelf solutions \u2013 which can be commoditised and digitalised more easily \u2013 simply don\u2019t cut it,\u201d he says.<\/p>\n But he points out that digitalisation in the large P&C insurance sector has started, \u201cwith some markets and players clearly making it their strategic priority, and it will accelerate\u201d. He adds: \u201cThere is a huge, largely untapped opportunity to push digitalisation much further in the large P&C and specialty insurance space.\u201d
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