Ernie Feirer is vice president and general manager, Commercial Insurance, LexisNexis Risk Solutions.
Technology has intensified the service expectations in nearly all industries. What was introduced in insurance 25 years ago, now you can't do business without. Today, we're in the age of comparison, using social media and mobile for many transactions. The time has come for business customers, who continue to increase their own automation to improve customer service, but don't always receive reciprocity from the commercial property-casualty insurance industry.
Commercial underwriting and pricing have in some ways lagged behind the broader business marketplace. The industry has relied largely on manual loss-history data collection that places carriers in a lose-lose situation: find thorough information, which prolongs the quoting process by weeks or quote without complete information at the risk of mispricing due to a limited or inaccurate profile of the applicant.
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