There are myriad benefits for a company that is highly connected, data-driven and technology-enabled. Decisions are made faster and with greater accuracy. There is a greater reach and companies can experience sustainable growth at rates never before thought possible. But, as always, there are consequences. With technology advances have come the threat of technology downtime and business interruption with the potential to cost millions in lost revenue or worse, litigation.
Price has always been a central part of the insurance decision-making process. Clients want value for money and to know that they have the fullest possible coverage, but they are also highly price-sensitive. In the competitive commercial lines market, even small price fluctuations can make a huge difference to a carrier’s ability to win or keep business.