Commercial property insurance providers find themselves operating in unpredictable conditions, with political and economic uncertainty having negative impacts on business activity in almost every industry. The retail sector is under particular pressure, but there are also significant problems in the office buildings market, as businesses postpone expansion or investment plans, and some consider relocating facilities outside the UK.
These conditions force insurance providers to try to draw maximum profitability out of new and existing customer relationships. They see the need to reduce their costs by maximising the efficiency and productivity of all their business processes, from application, quotation and underwriting through to claims settlement and fraud detection.
A split is appearing in commercial property insurance between providers using digitisation and data enrichment and those yet to adopt these technologies.
Based on research conducted by LexisNexis Risk Solutions, this report assesses commercial property insurance providers’ appetite for digitisation in general and for the use of data enrichment.