Embracing the Opportunity to Modernize Commercial Underwriting

Have you ever felt slowed down by manual workflows, redundant data entry, or disjointed communication between carriers and agencies during the commercial underwriting process? You’re not alone. The good news is that we’re seeing this start to change with the help of next-gen insurtechs. Modern tools, more intelligent workflows, and connected systems pave the way for carriers and agencies to work smarter, not harder.

In a recent webinar we hosted with ReSource Pro, we discussed how modern tech is starting to change this narrative. Here’s a sneak peek at insights we discussed:

The Pain Points

Manual processes still dominate commercial underwriting workflows, leading to inefficiencies and frustration among agencies. At Ivans, we hear daily from carriers and agencies experiencing inefficiencies that stem largely from outdated workflows. Endless rekeying, sifting through emails and documents to parse out information from complex submissions, and lengthy back-and-forth communication have made underwriting cumbersome.

As we discussed in the webinar, much of the technology that first entered the insurance market focused on core functions like policy administration, billing, and claims management. However, this left a gap in how underwriting was supported. In earlier days, carriers used tools like Excel spreadsheets or Access databases to fill the void, but these solutions lack scalability and integration, leaving critical challenges unresolved.

Using Modern Tech to Lighten the Load

In our webinar, we discussed how advancements in underwriting platforms and intelligent submission solutions are changing how carriers and agencies tackle these challenges.

At Ivans, we are focused on building systems that drive value and integrate data and analytics into workflows to eliminate inefficiencies. We are actively researching and working towards a more efficient commercial lines submission process and unlocking the full potential of carrier-agent collaboration without introducing friction, complexity, or unnecessary disruption. Our solution will streamline data injection processes, appetite assessment and communication and create a more seamless exchange between carriers and agents, all while reducing time spent on redundant data entry.

The Insurtech community is delivering solutions that make underwriting smarter than ever before. These advancements help simplify complex processes, drive better decisions faster, and ultimately create a pathway toward more profitable business.

Leveraging AI for Intelligent Commercial Underwriting

We’re facing a talent crisis in the industry. As experienced underwriters retire and not enough new talent steps in to fill the gap, tech-savvy solutions for commercial underwriting become a necessity. Your staff expertise is a key part of underwriting, and intelligent tech infused with AI and data capabilities makes this process more efficient and gives your team back some time in the day.

Review Your Workflows

A comprehensive review of underwriting workflows can reveal inefficiencies and outdated preferences that slow operations and increase costs. By embracing opportunities like AI-driven risk assessment and decision-making, carriers can set the stage for a smoother, more effective, and more successful future in underwriting.

What’s Next

We are particularly energized about where Ivans® is heading in this space. Our goal is to help product teams and sales organizations take the guesswork out of decision making. We want to empower underwriters with better tools and give agents faster responses and better channels of communication.

Ready to Dive Deeper?

View our on-demand webinar for full insights on this topic, including insights on underwriting workbenches and partnerships that promote professional development. Contact me if you’re interested in staying updated on what we’re working on at Ivans.