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Pricing, Product, Claims and Underwriting

Artificial intelligence, data and advanced digital technologies are having a seismic impact on all aspects of the insurance industry, from distribution to underwriting and from pricing to claims.

Traditionally, separate PPCU functions in insurance companies have operated in just that way – separately. That’s unlikely to be a formula for future success as markets, whether in personal lines, commercial lines, life or health, become more data driven.

What do we see driving the case for convergence? Essentially, it’s two things that, together, are reshaping the insurance business:

  1. Digital business models
  2. The competitive advantages available with more advanced data and analytics

We help insurers to develop the PPCU analytical, people and process capabilities to react quickly, to be more agile and to contain cost as part of adapting to the variable pace of changes taking place in different market segments.

Pricing and underwriting determine the money insurers receive. Claims dictate what they pay out. So, it follows that transformation in these areas is fundamental to insurers’ longer-term performance.”

Dave Ovenden | Global Lead – PPCU


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