Digital Revolution Reaches Underwriting

Underwriting is evolving toward a service that will help clients prevent losses, rather than merely indemnifying clients afterward.

Image

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. 


Insurance Thought Leadership

Profile picture for user Insurance Thought Leadership

Insurance Thought Leadership

Insurance Thought Leadership (ITL) delivers engaging, informative articles from our global network of thought leaders and decision makers. Their insights are transforming the insurance and risk management marketplace through knowledge sharing, big ideas on a wide variety of topics, and lessons learned through real-life applications of innovative technology.

We also connect our network of authors and readers in ways that help them uncover opportunities and that lead to innovation and strategic advantage.

MORE FROM THIS AUTHOR

Read More