These innovations are changing the carrier competitive landscape

Commercial insurance agents want the ability to submit the data once and generate real-time quotes from multiple carriers — something that is already the norm for personal lines. (ZinetroN/Adobe Stock)

Carriers have worked to become more digital, automated and data-driven in recent years, but it seems that progress has stalled momentarily. To observers, it looks like a footrace has officially begun, but relatively few participants have lined up at the starting blocks and even fewer have begun sprinting. What if one takes off running?

Carriers have the opportunity to do just that by evolving their distribution strategy. Already, a number of commercial P&C insurance carriers have begun to invest in new APIs, data analytics, and product lines to gain an edge.