Underwriting 2.0: A FirstBest Study of Key Requirements for P&C Insurance Carriers
In this study, FirstBest Systems reports on the results of a survey entitled “Underwriting 2.0: A FirstBest Study of Key Requirements for P&C Insurance Carriers,” which details the key underwriting issues and pain points faced by the property and casualty (P&C) insurance industry today.
Among the survey’s top findings were:
- The top-most concern for P&C carriers is how to get profitable business on the books in a softening market.
- The top underwriting issues are improving the ease of doing business with agents, and automating their underwriting operations.
- While carriers believe their underwriting processes are inefficient, they are not willing to “rip and replace” their home-grown legacy systems. Rather, they need a solution that will leverage the systems and infrastructure they already have in place.
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