As we frantically prepare for the holidays—the celebrations, gatherings and, for many, gift giving—it’s easy to forget what they are all about. End of year holidays not only provide much-needed downtime with family and friends, they also provide a time to reflect on the year and to celebrate our achievements.
At DataCubes, we are taking the time to look back at the past year and take pride in the accomplishments of our customers and the insurance industry as a whole, along with our own successes. After a decade of almost stagnant growth, Deloitte reports that net premiums written in the Property and Casualty sector grew 12.7% in the first half of 2018 alone. Commercial lines net premiums written growth increased by over 25% during that same time period, up approximately 23% over the first half of 2017, according to the Insurance Industry Institute.
Commercial net premiums written rose 23 percentage points over the past year (Insurance Industry Institute).
While there are many factors that spurred this growth, further growth and efficiencies for leading insurers can be attained with increased agility and insight on demand. Leading insurers are finally escaping the constraints of legacy systems, which require expensive and time-consuming integration to add new functionalities and products. They are gaining agility and improving their customer experience by embracing and, in some cases, helping to innovate Insurtech solutions. Our customers, in particular, are using DataCubes solutions to deliver the right insight at the right time in their underwriting workflows. Some of our customers are rapidly moving towards reducing their underwriting questions by up to 75%. Soon, these insurers will be able to reduce the number of those questions to just two: business name and address. As these advances are adopted, human error due to data entry and time-to-quote decrease, while pricing is optimized through improved knowledge. Others are using this “insight on demand” to increase their quote-to-bind ratio. By harnessing machine learning, underwriters can quickly view a list of insurance submissions that are prioritized and ranked by those customers that are most desirable and also most likely to buy.
Improving efficiencies, providing more responsive customer service, and increasing margins are just the beginning. Insurance CIO Outlook states that, “Technology like DataCubes is changing how products and services are delivered, and increasingly it will change the nature of those products and services and even the business model itself.” At DataCubes, we are celebrating our customers’ newfound agility and ability to use technology to grow their businesses. In the near future, we plan to join our customers in an even bigger celebration—the roll out of innovative business models that set new expectations for commercial insurance customers going forward.
We are also celebrating the accomplishments of our team. Aside from our top priority - our customers’ success - we are partnering with an extending pool of leading-edge customers who are as excited about advancing the insurance industry as we are. Recently, we completed Plug and Play’s Tech Accelerator Program. During that engagement, we benefited from the expert advice of technologists, investors, and 61 insurance companies to develop solutions that help commercial underwriters provide world-class customer experience with minimal data input. I am personally excited about our growing team of high quality recruits who are passionate about using data science to solve insurers’ toughest problems and deliver measurable value. As a result, DataCubes is seeing incredible growth.
From our team to yours, happy holidays!
Most of all, we are celebrating the greatest gift our customers can give us: their trust. They trust us to solve some of their biggest business challenges and to help them transform disparate, unstructured data into actionable knowledge. That knowledge can be used to make better decisions in real time, develop more customer-focused insurance products, and meet market needs at unprecedented speed. Initially, we partnered with customers on small pilot projects. Those projects were designed to impact discrete areas of their businesses and allowed the impact to be easily measured while minimizing potential risks. Today, many of our customers trust us with significant portions of their book of business. We understand and gladly accept the responsibility that comes with that trust. Our team looks forward to partnering with our customers in the future to lead the industry in developing new products and business models that will not just protect their businesses from industry disruption, but help them to lead the evolution of the commercial insurance market.
To earn our customers’ trust, especially in an industry that has relied greatly on in-house innovation and established systems, is the most valued accomplishment of our team. So, during this holiday season, we will be celebrating the greatest gift of all: trust in our ability to help our customers to grow through targeted innovation.
Our team at DataCubes wishes you a wonderful holiday season. And, as you ring in the New Year, pause to ask yourself this question: What accomplishments do you want to celebrate at the end of 2019 and how can we partner together over the next 12 months to help you get there?