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Prasad Thurlapati

Global Head, Guidewire Centre of Excellence, Banking, Financial Services, and Insurance, TCS

Rathika Thiruvengadam

Senior Consultant, Guidewire Centre of Excellence, Banking, Financial Services, and Insurance, TCS

Saravanakumar S

Domain Consultant, Guidewire Centre of Excellence, Banking, Financial Services, and Insurance, TCS

Analyzing new insurance needs of SMBs and identifying initiatives to be taken

The pandemic has had a catastrophic effect on the small and medium business (SMB) segment with a huge number of firms closing down. As SMBs contribute substantially to property and casualty (P&C) commercial insurance across both active policies and claims submitted, the segment too has been adversely impacted.

To cut costs and survive the crisis, SMBs are re-evaluating their insurance policies indicating a change in the insurance needs of SMBs. Firms are looking for price flexibility, transparency, suitability, and value from insurance products with business and technology implications across the P&C commercial insurance value chain. To meet the changed insurance needs of SMBs, insurers must ramp up the adoption of digital technologies in insurance. To accomplish this, insurers must:

  • Fast track digitalization in sales, distribution, and claims
  • Kickstart transformation in product management
  • Slow ongoing transformation initiatives in some functions