Creating Customer Value with AI + Analytics: Personalising Claims to Win Customers' Hearts

Digitizing your global contracts is challenging. But when done right, the benefits are bountiful.View this on-demand webinar, Streamlining Global Contracts at Chubb Insurance, to learn how the company digitized a complex IT contracts process spanning North America, Europe, Asia, and Latin America to achieve:

Increased risks are impacting insurance profitability. Earlier this year, AM Best indicated an increase in losses and expenses were responsible for the P&C sector’s $4.1 billion net underwriting loss in 2021 and a weakened combined ratio of 99.6%[i] . AM Best estimated that the 2021 catastrophe losses accounted for 7.7 points on the combined ratio. Already in 2022, the Marshall Fire in Colorado is expected to reach $1 billion in losses, with nearly 1,000 homes destroyed and hundreds more requiring damage repair. Tornadoes in Kentucky and other locations devastated both homeowners and businesses. Rising construction costs, strained supply chains, and lack of construction workers are driving up the cost of rebuilding, putting many insureds at risk of not having enough insurance coverage and insurers at risk of not knowing their overall portfolio of risk.

Insurance is perceived, rightly or wrongly, as an industry that can be slow to innovate and automate. Although many insurance companies would hope to be well on their way to automating their underwriting and binding processes to better serve small businesses and the middle market, the reality is that progress in this area is a mixed bag. Some insurance carriers have fully automated their small business underwriting and are reaping the benefits.

Customers are looking for simple, straightforward processing of small commercial applications. Automated underwriting can help insurers get ahead in the “Race to Zero”— the point where applicants have no further questions to answer when they come to you for coverage except their business name and address. For effective automated underwriting, insurers must master the intersection of data, analytics, workflow, and technology.