Insuranceciooutlook

Underwriting: Driven by the Blend of 2 T's- Talent and Technology!

By Insurance CIO Outlook | Tuesday, August 13, 2019

UnderwritingTechnology is transforming the process of subscription by enabling more real-time access to information. While computer information and analytics for policies now dominate "commodity underwriting," there is still a great need for experts.  

FERMONT, CA: The need for employees to carry out redundant insurance-related tasks is reduced by the advent of technology and automated solutions. However, the agency notes that underwriters will still need to evaluate computerized suggestions. As insurers use technology, underwriters no longer have to participate in daily duties, enabling them to become more productive and manage more accounts. Talented underwriters' involvement in understanding and cultivating relationships will always bag its valuable presence.

Specialized industry underwriters continue to embrace a relationship-driven approach, with a touch of personalization. The decision of an underwriter will be utmost essential for mid-size and big accounts.

Future subscribers will be more like sales managers, information researchers, innovators, and advocates for customers. Underwriters remaining in the sector will focus less on linear processing to cite strategies and more on strategic commitment in fields such as innovation, product development, and customer experience. Insurance underwriters' focus will shift away from internal procedures to relationships and sales that are market-facing.

Maintaining a disciplined underwriting culture is the best way for an insurer to stay lucrative. This requires a strong underwriting strategy and philosophy, and while data can drive this, it is optimal that the underwriter makes the decision and does not follow a price model or algorithm blindly.

The introduction of robust new technologies will determine much of that future, but the talent factor must not be overlooked. For both practical and strategic reasons, there is a clear and urgent opportunity for underwriters to construct their future and transform the industry's future as a whole. And the future is now, as the saying goes: the roles and duties may alter, although the jobs may not go away.

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