What capabilities should Industrial Insurers build to offer digital underwriting on a global scale?

Product Digitalization of specific insurance products is the pre-requisite for any online sales/collaboration activity. On top, depending on the sales context (broker, bank, affinity, etc.) underwriting related processes, local market and partner related specialties need to be considered.


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In the animation/picture we try to picture that digitalization of specific collaboration models needs to be built systematically with the purpose of re-using all capabilities for building your network of digital-point-of-sales:

  • Digital products should be defined for all lines-of-business where potential for digitalization has been identified. Candidates can be found in Financial Lines, Liability, Marine, Group Accident, Aviation or Engineering.
  • Underwriting related processes exist for underwriting models, quote, binding, prolongation/endorsements, sanction screening, tariffication, risk assessment (underwriting), payment and many more.
  • Market related specialties are local usances like for example discount delegation or exclusive mandates given to the distribution partner
  • Partner related specialties might require technical system integration (BiPRO), adjustments of the ouput or matching partner specific processes.

Ideally, now for each sales scenario we want to add the ingredients (product, process, specialties) fitting to the sales scenario. And if there is additional functionality required? We want to implement it once to use it for all.

This article was originally published on LinkedIn.