McKinsey explores modernising underwriting during COVID-19

  1. Understand and incorporate digital systems: from streamlining data collection to augmenting the decision process, the digitisation of records and the creation of faster product R&D timelines, systems underpin the insurance industry and the proper sequencing of these aspects can produce markedly greater results.
  2. Eliminate team silos: a team comprised of digitally-equipped talent is not best deployed within rigid departmental structures. Instead, greater flexibility and collaboration should be encouraged to make use of diverse skill sets.
  3. Aim high: digital transformation isn’t easy and often isn’t cheap either. However, by intelligently planning the journey beforehand and then committing to it wholeheartedly, insurers can expect to see better ROI.
  4. Keep up the pace: rather than planning marathons on long-term goals, companies should opt for sprint-like short-term objectives which then link together to form larger overall targets. This ensures employee morale is kept high through a sense of achievement while the transformation itself quantifiably expands regularly.

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