Across the industry there are different understandings of a digital product’s scope. What they have in common is that they strive for a meaningful segmentation of a product into its parts. Here comes our definition: There is a standardized set of terms and conditions which specify a product’s core. Moreover, a digital product has to include a coverage model defining the insured interest and the required information for the risk assessment. The underwriting model contains rules to derive the tarification and applicable clauses– e.g. for specific industries. In digital sales scenarios contracts are created based upon automated risk assessment and underwriting decisions. All questions which the underwriter would ask the client and the underwriting decision he takes have to be digitized for online processing. Let´s discuss.
Find more information on digitized services for industrial insurances here.
This article was originally published on LinkedIn.