If one were to take a poll of insurance executives to ask what area of their business will have the greatest strategic impact on their company's future financial performance, few would cite "underwriting" as their answer.
This is not to suggest that insurance carriers are ignoring the underwriting function. Many are rationalizing underwriting systems across divisions or lines of business, or are in the throes of replacing costly policy administration systems with the requisite risk, cost and long "hair-graying" implementation cycles.
However, there is increasing pressure to grow the top- and bottom lines and develop innovative products, all while finding ways to simplify and streamline the way they do business with their sales channels. In the end, these initiatives won't be enough.
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