Underwriting is evolving toward a service that will help clients prevent losses, rather than merely indemnifying clients afterward.
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The digital revolution in insurance, which began in distribution and then spread to claims, has now reached underwriting in a big way.
There are two consistent themes: 1) Advanced AI and ML technologies, paired with big data and sophisticated risk models, are fundamentally shifting the way underwriting is done. 2) Insurers are leveraging low-cost, cloud platforms that are built for scale and agility with new business models.
In this article, we will explore those two themes and show how digitization streamlines the underwriting process for a more efficient and sophisticated outcome. In our next article, we will explore how carriers are making the shift to next-generation underwriting, changes to user journeys and experience, and measuring ROI in these AI journeys.
About the Author
Intellect SEEC is an insurtech transformation partner with contemporary AI and ML solutions, data insights triangulated from thousands of sources and agile technology, data science and consulting teams – taking a strategic approach to tackling the biggest challenges for insurance. We are a proven leader in Data First Strategy for Commercial Underwriting and have successfully driven one of Europe’s largest transformations.
We focus on driving efficiency while significantly advancing underwriting sophistication. Our underlying technology powers sophistication with simplicity, ensuring an engaging and insightful user journey. Our AI cloud native products are known to address the most complex commercial objectives with the highest accuracy of outcome. Our skilled technical experts and data scientists seamlessly augment our customer teams to accelerate their transformation journey, easily adapting as business models and technology evolves. www.intellectseec.com