Artificial Intelligence - December 8 2020
Accelerating time to revenue is critical to the bottom line in a hardening market characterized by higher premiums and reduced coverage options. With rates increasing across various commercial lines, being able to quickly and efficiently review, evaluate, and identify the best coverage and pricing for your commercial clients is a priority.
In a special report titled Commercial Insurance Market Is Hardening published in May 2020, Fitch Ratings stated that they expect continued rate hardening in the commercial insurance market and that non-life commercial insurance providers have reported double-digit price increases for a variety of lines of business across all major global regions for 2019. They also predict that commercial insurers will be hit hard by pandemic-related losses through the first half of 2021. Event cancellation as well as credit and surety policies are expected to be particularly impacted.