2019 COMMERCIAL INSURANCE STUDY

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A Time of Change in
Small Commercial Insurance

Turning gaps into opportunities

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In today’s dynamic and competitive commercial insurance marketplace, carriers are pressed to maintain profitability. There are many opportunities for small commercial insurers to make meaningful progress. With so many factors impacting the business, however, it can be difficult to know where to start.

To better understand how commercial insurers are dealing with current pressures, LexisNexis Risk Solutions surveyed over 400 insurance professionals to gain their perspectives on five topics – Automation, Data Assets, Predictive Modeling, Customer Experience, and Market Trends - with direct bearing on their business. From this study, we were able to identify key insights in each of the five areas. 

Learn more about these insight below.

Insight #1

Automation lags behind desired levels

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Insight #2

Valued data assets are used inconsistently

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Insight #3

Predictive modeling is also used inconsistently

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Insight #4

The customer experience needs improvement

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Insight #5

Carriers want to embrace important market trends

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How we can help

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Methodology

The research was conducted by interviewing 412 U.S. professionals employed in the insurance industry, from among the following lines:

Workers’

compensation

Commercial

auto

Commercial

Property

Business owners’

policy

Account sizes were defined as follows:

Small commercial accounts:

less than $25,000 in annual premium

Medium/middle market accounts:

between $25,000 and $250,000 in annual premium

Large commercial accounts:

more than $250,000 in annual premium

Interviews were completed between the period of May 1–31, 2018, and distributed across functions as follows:

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Underwriting (170)
Underwriting (170)
  • 105 interviews completed with underwriters
  • 65 interviews completed with underwriting managers
Actuary (171)
Actuary (171)
  • 106 interviews completed with actuaries
  • 65 interviews completed with actuarial managers
Product Management (71)
Product Management (71)
  • 71 interviews completed with product managers

About the author

Mathew Stordy

Director, Commercial Insurance

Mathew Stordy is Director of Commercial Insurance for LexisNexis Risk Solutions. Stordy is responsible for requirements assessments and the design of data solutions and services that streamline commercial insurance processes and provide insights about entities through the use of data, analytics and software. Prior to joining LexisNexis, Stordy worked extensively with policy administration systems, quoting applications and business intelligence solutions. He holds a bachelor’s degree in mathematics with a minor in computer science and a master’s degree in philosophy from the University of Connecticut.