November 2019 – Straight-through processing (STP) has become common, with more than half of personal, small commercial, and life insurers processing substantial volumes of new business via STP.
While STP can provide advantages in speed and consistency, adoption rates in complex product lines remain low. Concerns about data and modeling capabilities are the main inhibitors, as well as legacy systems and a belief that it is incompatible with strong underwriter relationships.
This snapshot study summarizes key issues in STP and looks at usage rates and average volumes across a group of more than 50 insurers.
About the Author
Datos Insights
We are the advisor of choice to the banking, insurance, securities, and retail technology industries–both the financial institutions and the technology providers who serve them. The Datos Insights mission is to help our clients make better technology decisions so they can protect and grow their customers’ assets.