While insurance has for centuries run on an annual cycle of risk assessment and policy renewals, advances in technology now make it possible to assess and underwrite risk in real time. In this webinar, ITL Editor-in-Chief Paul Carroll puts his head together with Bobby Touran from Rainbow Insurance (a de novo MGA specializing in restaurant insurance) and Tom Bobrowski, an insurance consultant, to explore the huge array of possibilities for continuous underwriting. They discuss how to gather the necessary information, from sources ranging well beyond the sorts of sensors that are being built into cars and that are in our phones. They then lay out how that data can be analyzed and applied across a host of insurance applications in healthcare, cyber, aviation and more, including to prevent many losses from ever happening. 

In some ways, continuous underwriting is just traditional underwriting done faster, but there are times when a quantitative change is so great that it produces a qualitative change, and continuous underwriting presents one of those opportunities.

 Key Points

• Automated systems can monitor publicly available data and alert underwriters of any important developments
• Real-time monitoring lets insurers alert policyholders about emerging issues before losses occur
• Human underwriters remain essential for providing context and nuance
• The whole industry is rapidly moving toward hyper-personalized insurance