6 September 2016CIOReview's circulation is audited and certified by BPA International (Audit Pending). Copyright © 2016 Valley Media, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.SEPTEMBER, 2016Mailing AddressValley Media, Inc.44790 S. Grimmer Blvd Suite 202, Fremont, CA 94538T:510 230 0396, F:510-894-8405September, 2016, Vol 02 Issue 05 Published by Valley Media, Inc. To subscribe to Insurance CIO OutlookVisit www.InsuranceCIOOutlook.com Managing EditorPamela MorganEditorial StaffSalesAaron Pierce Ava Garcia Joshua Parker Alex D'SouzaChithra VijayakumarSarah FernandesVisualizerStephen ThomasUNDERWRITING SOLUTIONS SPECIALMary Elizabethmary@insuranceciooutlook.comDirect Line: 510.402.1463EditorialPamela MorganManaging Editoreditor@insuranceciooutlook.comThe technology-driven era is transforming the underwriting discipline in its entirety--from receiving and evaluating applications to the issuance of policies. From the cumbersome manual processes and accessing of data from myriad of systems such as CRM, billing, policy and more, the automated underwriting workstations are the next rung towards facilitating advanced practices that drive profitability. These workstations streamline workflows to ensure overall efficiency and collaboration between agents, brokers and underwriters. Today's underwriting workstations integrate data from commercial, government and environmental sources and also from a plethora of sen-sors and wearables, which can be utilized on a contextual basis to derive maximum benefits. In a world driven by data, the new data sources, an-alytics, predictive modeling, and rules-based decision support, increment the underwriter's risk assessment capabilities. Underwriters can deftly evaluate and ascertain risk parameters from the garnered intelligence and make informed decisions that best meet customer requirements, taking into consideration the insurance carriers' growth prospects.However, analyzing the data and deriving insights from the cache of big data from IoT, social media, news and weather reports, GPS-enabled devices and so forth, is by no means an easy task. With the quantum of unstructured data reaching colossal proportions, the analysis though a massive task can be dexterously handled by smartphone apps. Leveraging the power of artificial intelligence and machine learning, apps can elevate the underwriting discipline to a new level by provisioning accurate risk profiling and eliminating assessor errors in judgment on complex risks.As technologies including AI and machine learning take center-stage, the future looks even more exciting for the underwriting sector. The day when robots offer advice and counsel, while drones make a quick survey of accident sites and relay back vital statistics, the era where automation will become mainstay in insurance as with other industries is well in sight. Here, the multifaceted advantage of underwriting technology in underpinning the expertise of the underwriters and driving operational efficiencies will be impossible to ignore.Let us know your thoughts.Underwriting Technology - The Change AgentPamela Morgan
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