Commercial P&C Insurance Industry Set for Digital Overhaul by 2025
As the commercial property and casualty (P&C) insurance sector gears up for 2025, it becomes clear that digital transformation and on-the-job training are at the forefront of industry priorities. A recent survey conducted by Convr, which included responses from 200 decision-makers within the commercial P&C insurance field across the United States, has revealed significant trends regarding the integration of technology and talent development in achieving operational excellence.
The results of the Convr Insurance Talent and Tech Trends survey insightfully highlight that nearly 92% of leaders within the insurance industry — those in managerial positions and above — are actively investing in upskilling their underwriting teams. This intention primarily aims at equipping these teams with necessary expertise in areas like data analytics, automation, and digital underwriting processes. The survey found that 45% of respondents believe their underwriting teams crave better technological access, while 42% express a desire for advanced training on the latest technological tools.
These findings play into a broader narrative within the industry, where automation of underwriting tasks is gaining traction. Over half of the surveyed leaders, approximately 53%, anticipate an increase in automated underwriting functions in the coming years. This shift might be attributed to a general perception that underwriting work often seems tedious; indeed, an overwhelming 84% of leaders admitted that data entry tasks are perceived as somewhat to very cumbersome.
Interestingly, despite these challenges, there is optimism around implementing tech innovations; a majority of the respondents — more than 50% — acknowledge that they see significant potential in utilizing underwriting technology. According to the survey, they are confident that anywhere from 25% to 50% of manual underwriting tasks could, in fact, be automated. Survey participants unanimously indicated that their underwriting departments face numerous pain points, such as receiving excessive submissions, lacking proper technological solutions, and managing excessive manual data entry workloads.
The consensus among leaders is striking, with nearly 85% believing that improved technology could help lower employee turnover rates — an issue many companies face in today’s competitive labor market. Furthermore, 93% agree that embracing technology aids in attracting younger talent to their organizations, highlighting the generational shift in workforce expectations.
Additionally, technology's role extends beyond mere job satisfaction; almost 95% of leaders firmly believe that enhancing process efficiencies within underwriting could substantially boost their company's overall performance.
The survey also exposed a notable gap in new technology deployment. While 74% of leaders reported that their companies introduced new underwriting tools in 2024, alarmingly, over 17% had not yet done so. However, forecasts for 2025 indicate a positive trend, with 83% expecting to roll out new tools equipped for their underwriting teams.
The specific tools on the radar for these organizations include systems aimed at improving workflow management, data handling, and the measurement of underwriting productivity and performance. These tools are not merely additional incentives; they symbolize a fundamental transformation in the strategic considerations of commercial P&C insurance organizations regarding their technological frameworks both now and in the future.
In conclusion, the commercial P&C insurance industry’s evolution is approaching a critical phase. The insights gleaned from the Convr survey reflect both the challenges and opportunities that lie ahead as these organizations embark on a pathway towards digital transformation and workforce optimization, setting the stage for a more efficient, tech-enabled future in insurance underwriting.
The results of the Convr Insurance Talent and Tech Trends survey insightfully highlight that nearly 92% of leaders within the insurance industry — those in managerial positions and above — are actively investing in upskilling their underwriting teams. This intention primarily aims at equipping these teams with necessary expertise in areas like data analytics, automation, and digital underwriting processes. The survey found that 45% of respondents believe their underwriting teams crave better technological access, while 42% express a desire for advanced training on the latest technological tools.
These findings play into a broader narrative within the industry, where automation of underwriting tasks is gaining traction. Over half of the surveyed leaders, approximately 53%, anticipate an increase in automated underwriting functions in the coming years. This shift might be attributed to a general perception that underwriting work often seems tedious; indeed, an overwhelming 84% of leaders admitted that data entry tasks are perceived as somewhat to very cumbersome.
Interestingly, despite these challenges, there is optimism around implementing tech innovations; a majority of the respondents — more than 50% — acknowledge that they see significant potential in utilizing underwriting technology. According to the survey, they are confident that anywhere from 25% to 50% of manual underwriting tasks could, in fact, be automated. Survey participants unanimously indicated that their underwriting departments face numerous pain points, such as receiving excessive submissions, lacking proper technological solutions, and managing excessive manual data entry workloads.
The consensus among leaders is striking, with nearly 85% believing that improved technology could help lower employee turnover rates — an issue many companies face in today’s competitive labor market. Furthermore, 93% agree that embracing technology aids in attracting younger talent to their organizations, highlighting the generational shift in workforce expectations.
Additionally, technology's role extends beyond mere job satisfaction; almost 95% of leaders firmly believe that enhancing process efficiencies within underwriting could substantially boost their company's overall performance.
The survey also exposed a notable gap in new technology deployment. While 74% of leaders reported that their companies introduced new underwriting tools in 2024, alarmingly, over 17% had not yet done so. However, forecasts for 2025 indicate a positive trend, with 83% expecting to roll out new tools equipped for their underwriting teams.
The specific tools on the radar for these organizations include systems aimed at improving workflow management, data handling, and the measurement of underwriting productivity and performance. These tools are not merely additional incentives; they symbolize a fundamental transformation in the strategic considerations of commercial P&C insurance organizations regarding their technological frameworks both now and in the future.
In conclusion, the commercial P&C insurance industry’s evolution is approaching a critical phase. The insights gleaned from the Convr survey reflect both the challenges and opportunities that lie ahead as these organizations embark on a pathway towards digital transformation and workforce optimization, setting the stage for a more efficient, tech-enabled future in insurance underwriting.
Topics Financial Services & Investing）
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