Four Trends in the Small Business Commercial Insurance Industry
When working in the small business commercial insurance industry, you can and should take advantage of the opportunities available to differentiate your business while providing policyholders and potential policyholders with a great experience.
The insurtech sector has been diligently working to develop technologies to serve the insurance industry with tools that generate opportunities and advancement in order to improve savings and user experience for the policyholder.
Here are four trends we have noticed are taking hold to create that improvement.
Automate Your Application
Gone are the days of potential policyholders manually inputting all of their information for an application. Instead of requiring a completely manual process, insurers and their agents can take advantage of automating the filling of forms by completing forms based on a search of the applicant from available data sources.
Having a long and complicated application is one of the main ways to significantly increase application abandonment rate. Automate this process to provide your potential policyholder with a better experience and make it easy for agents to spend their time in value-added activities.
Automation is also helpful during the underwriting process as less time is spent making corrections and verifying information. With less time-consuming labor involved, your bottom line increases along with your customer satisfaction rating.
That’s one of the technologies we’ve developed at Fenris Digital. Our Application Pre-fill API enables the majority of form questions to be populated with information, affording the applicant less typing, and more swiping along to approve pre-filled information.
Leverage Your Data
With automation, there are concerns about accuracy, but at Fenris Digital, we have a vast pool of data that is verified and kept current to provide more accurate information during the application process.
With over 30 million small businesses providing data, we can leverage the quality of data to improve form completion and fill rates. Therefore, there’s no need to let a fear of inconsistent data keep you from experiencing the benefits of automation.
Predictive modeling is essential to many aspects of insurance, including the risk assessment and rating carried out by underwriters.
Fenris uses machine learning to apply what we have learned at the market level and tailor that knowledge to your specific book of business. This thereby creates customized metrics to deliver the best results for you and your policyholders.
Adopting predictive modeling as a consistent practice can improve your risk assessment, data scoring, and overall decision-making.
Finally, one common thread mentioned throughout these trends is the importance of customer experience.
The inspiration behind much of the technology developed at Fenris Digital is improved customer experience. Our tools, such as Application Pre-Fill API, keep the user experience front of mind to simplify the application process for the applicant, agent, and underwriter.
When you emphasize better user experience, you can expect increased conversion rates overall, which translates to more revenue.
Start Implementing These Small Business Commercial Insurance Trends
Every day that you offer small business commercial insurance without taking advantage of these trends, you’re leaving money on the table.
We encourage you to use the opportunities you have available to start implementing these trends. If you’re unsure of where to start, be sure to connect with Fenris to determine how our technology might benefit your policyholders.
When you’re ready to experience application automation, an improved customer experience, predictive modeling, and more, we invite you to schedule a free demo.