Unveiling the future of commercial insurance: Navigating risk, trusting data and empowering clients

To find out more about the commercial insurance risk landscape, underinsurance and onboarding commercial clients, Insurance Post, in partnership with CRIF recently surveyed insurers and brokers.

Despite the crucial role of seamless on boarding journeys and the significance of data, brokers and insurers have expressed doubts about fully trusting their data. Furthermore, the survey revealed a prevalent belief among respondents that business owners and sole traders underestimated the value of their insurance coverage.

This article sheds light on the research findings and delves into the evolving business risk landscape, the challenges faced in data utilisation during the onboarding process, and strategies to ensure risk profiles are comprehensively understood.

Topics covered:
• Insurers’ and brokers’ predictions for the commercial insurance market.
• Insurers’ and brokers’ biggest challenges when onboarding a new business.
• Third party datasets used when onboarding business customers.
• Using data to create seamless onboarding and renewal journeys.
• The perils of underinsurance.