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Long-Term Data Strategies, Improved Underwriting and Product Development Key for Specialty Insurers, Says Novarica

Bill Sinn | May 14, 2019

Technology priorities for specialty insurers span distribution, product development, underwriting, and claims, as changing technology continues to force carriers to evolve to compete. In a new report, Business and Technology Trends: Specialty Lines , research and advisory firm Novarica provides an overview of specialty carriers' business and technology issues, data about the marketplace, and several examples of recent technology investments by specialty carriers.

"Specialty carriers are beginning data quality initiatives and implementing data warehouses, operational data stores, and appropriate data marts," said Eric Weisburg, Vice President of Research and Consulting and co-author of Novarica's new report. "Reporting tools are a high priority for the business to run ad hoc reports and easily gain insights. While predictive modeling is still relatively nascent, specialty carriers are planning ahead to make sure they will be ready when the business says go."

Among the key findings of the report are:

  • Carriers are pursuing long-term data strategies. Specialty carriers are prioritizing reporting tools and investing in data science capabilities to optimize their portfolio and improve underwriting.
  • Improved underwriting and product development flexibility are key considerations. Carriers are upgrading to highly configurable policy administration systems to improve underwriting and enable product development flexibility to speed entry to profitable niches.
  • Specialty insurers are investigating automation support for ingesting new business application documents, although these solutions are still immature. Digital broker platforms and API catalogs are also assisting in automation.

Please contact or call Victoria Spitz at 833-668-2742 Ext. 130 for more information.

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