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Transforming insurance from an enterprise-centric to a customer-centric ecosystem

The impact of the COVID-19 pandemic has been relatively lower on the non-admitted insurance market. Surplus lines or specialty insurance players have demonstrated a higher degree of flexibility and adaptability to change. Non-admitted insurance players are thus better positioned to enable the recovery of the insurance sector. The way forward lies in leveraging the ecosystem to introduce targeted specialty insurance products and reacting dynamically to market challenges. However, this comes with its own problems – challenges in non-admitted insurance include the type of risk covered, lack of knowledge and skill to estimate the profitability and probable loss, and difficulties in managing surplus claims. To overcome these challenges and drive growth, we believe that non-admitted insurance firms must:

  • Embrace product configuration to respond to evolving risks
  • Introduce global insurance programs
  • Tackle regulatory challenges
  • Adopt new technologies and data analytics
Kanya Saraswathy C

Head, Commercial and Reinsurance Advisory, Banking, Financial Services and Insurance, TCS

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