Like many sectors, the commercial insurance industry has experienced steady growth. But unlike many others, the middle market has unfortunately been slow to adapt and innovate. Many of the pain points faced in this industry are often seen as just the way things are done or the cost of doing business; the middle market has gotten used to them and, in many cases, doesn’t even realize how it impacts the business or slows it down.

That’s sadly been true for the entire insurance ecosystem, including insurers, brokers and customers. But it doesn’t have to be that way. Though recent market research cites a number of roadblocks to growth, Blackboard has leveraged technology, data and industry expertise to solve for three major pain points:

  • Reducing inefficient, costly processes
  • Improving communication and transparency
  • Removing underwriting bias and lack of appetite

Creating a holistic ecosystem to overcome inefficient, costly processes

Traditional, outdated workflow models are full of manual handoffs and redundant data resulting in wasted time and expense. Highly fragmented legacy systems incapable of sharing information stand in the way of providing customers with the new and ever-changing services and nuanced coverage they need, when they need it.  

Industry leaders agree that modernization of commercial insurance through emerging digital technologies is the most viable path to industry growth, but there are no shortcuts. Bringing the industry up to speed requires the creation of a new ecosystem built for transparency, agility and responsiveness. Blackboard has leveraged data analytics and industry knowledge to create such an ecosystem. We’ve removed redundancies and errors, freeing underwriters and service teams to be more creative and flexible in addressing customers’ specific requirements with tailor-made solutions. 

Prioritizing the customer to foster communication and transparency

Whether a customer is seeking a quote for new coverage, a solution to fill gaps in coverage or action on a claim, communication is likely not consistent throughout. Waiting and unresponsiveness leads to uncertainty, and a foundational concept of Blackboard’s approach is that every interaction is a “moment of truth” in the customer relationship. The key to customer loyalty and retention is creating a consistently responsive customer experience. Customers need to clearly understand what is covered as well as what isn’t. And customers want to know what to expect and when they can expect it. For too long, we simply haven’t had the tools or information to communicate all of these items with our customers clearly and quickly. But at Blackboard, we’re putting the customer, both the broker and the insured, in the center of everything that we do, providing clear and open communication. 

Integrating deep vertical expertise to minimize bias and lack of appetite

Ever-changing business challenges mean customers are seeking insurance carriers with greater foresight, adaptability and understanding of their industry. Insurance expertise is the table stakes; today’s customers require underwriters, adjusters and other team members with extensive industry-specific knowledge — whether it’s manufacturing, real estate, retail, wholesale or service industries. 

The combination of data insights and industry expertise enables carriers to make better informed underwriting decisions and expand their appetite. These greater insights also enable insurance companies to tailor their coverage to specific business needs, provide more responsive and flexible customer care and more easily adapt to changing market conditions. 

Brokers and customers are facing new challenges every day, and they expect their providers to anticipate their needs and help provide greater certainty in uncertain times. By leveraging the latest advances in technology and data, we’ve built a platform that solves these problems, elevates the customer experience and provides a foundation for future success. 

Learn more about Blackboard Insurance.