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April 7, 2021

Digital Revolution Reaches Underwriting

Summary:

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. 

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About the Author

Intellect SEEC is an exponential insurtech company tackling the biggest challenges for insurance with contemporary technologies like Big Data, AI and ML. We are a proven leader in Data First Strategy for Commercial Insurance. Our twin mission is to make insurance about the insured and to level the playing field for all insurers through technology. Insurance is complex, but the underlying technology has to be sophisticated to make it simple, engaging, insightful. Our aim is to deliver the world’s most agile, easy-to-deploy and future proof software, which adapts as business models of our customers, and insurance and technology evolve. www.intellectseec.com

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