LAS VEGAS — Commercial lines insurers willing to make the necessary investments can replicate the successful use of social media and analytic technologies by leading personal lines insurers, experts say.

In a panel discussion at the ACORD LOMA Forum at the MGM Grand Resort in Las Vegas on Monday, Donald Light, director-Americas property/casualty practice for insurance advisory firm Celent L.L.C., said personal lines insurers have been investing heavily in analytic and big data capabilities to get a better sense of their customers' shifting expectations and tailoring their products and services accordingly.

“Having a customized experience is important,” Mr. Light said. “What is deemed convenient is constantly being redefined.”

Mike Kulp, Philadelphia-based global head of sales and head of software provider Xuber US, agreed that buyers of commercial insurance policies are increasingly demanding service levels commonplace in other insurance lines and other industries.

“In commercial lines, more customer centrality is needed,” he said.

For example, he said a commercial lines insurer could use a mix of third-party and internal data to achieve a more complete picture of an insured, much as a personal lines insurer could use data to help steer insureds to qualified contractors in the aftermath of a claim or detect claims fraud.

“We see the potential to improve customer service significantly,” he said. “A more holistic approach can help insurers differentiate their services.”

In addition to data and analytics, a more customer-centric approach by commercial insurers will require a premium on speed, as customers have come to expect data in real time. He said this will require investment in automation in the underwriting process, noting that in areas such as personal lines auto, an estimated 75% of submissions are handled by straight-through processing and do not require human interaction.

As such, Mr. Light said commercial lines insurers should target lines of business that are most apt for automation such as lines that have large numbers of submissions but low premium levels.

“The best bets are the high-volume products,” he said.