New Tech is Redefining Book Roll

Executing a book roll has traditionally been as much art as science in an often-onerous process, replete with manual work and requiring numerous meetings between parties to orchestrate. Nevertheless, insurance companies that have implemented repeatable book roll processes report that up to 10-15% of their annual growth goals are being achieved through focused book roll activity. Likewise, agents expressed positive experiences with insurers who have dedicated teams to support book rolls.

Data Access, Assessment, and Execution

Improvements in technology and clever product rate filing can make executing a book transfer straightforward and predictable. Solution providers are leveraging technology to provide insurers and agents with opportunities to simplify data access, make efficient decisions when assessing a book of business, and provide consistent workflows, a simplified agent experience, and policy-level detail to help inform the journey for both agents and policyholders.

New Technologies Turn Art into Science

Various providers offer solutions for different parts of the book roll process, including data access, assessment, and execution. While technology is not a magic bullet for executing book rolls, these tools can accelerate the process, facilitate good communication, and ease decision-making and selection. This can improve the experience for insurers, agents, and policyholders, adding extensive value for all involved.

Prominent providers include Ask Kodiak, DataRobot, Groundspeed, IVANS/Applied, Terrene Labs, and Vertafore.

Simplifying Book Roll for Everyone’s Benefit

Book rolls can certainly be challenging to execute successfully. Yet the combination of new solutions and innovative thinking by agents and insurers is bringing book roll capabilities to market that can ease the entire process for all involved. What’s more, these modern solutions have now made it possible for agents to share policy data more efficiently with insurers and potentially redefine the overall renewal experience for every customer.

More information on book roll capabilities and key vendors is available in Novarica’s recent report, Book Roll: Overview and Prominent Providers.

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