Beyond automation, AI in underwriting
Charles Murat Charles Murat
May 21 2 min

Beyond automation, AI in underwriting

Faced with the growing challenges of pricing pressure, speed requirements and talent scarcity, it’s little wonder that insurers are increasingly turning to artificial intelligence to improve the commercial underwriting process.

Today, insurers have the opportunity to benefit from access to more data than ever before. This data can lend important new insights that have the potential to accelerate and enhance the underwriting process. However, extracting this information and turning it into actionable intelligence remains complex, time-consuming and, for many, unfeasible.

Automate or recommend, why not both?

In our recently published whitepaper, Underwriters and the Commercial AI Advantage, we investigate how commercial insurers can address these challenges by rapidly operationalizing AI to empower underwriters and augment their decision-making through data-driven insights and automation.

With examples from new underwriting commercial submissions, we show how AI systems can be used to:

(1) Automate decisions, allowing underwriters to start time-sensitive work sooner and allocate more time to risk-associated work

(2) Recommend decisions: helping underwriters, in a timely manner, to accomplish non-automated work more efficiently and accurately.

Let your business benefit from AI

For forward-thinking insurers that succeed in augmenting underwriters with AI, these capabilities will lead to faster broker response times, improved Loss Ratios and an overall increase in operational efficiency — giving them a serious edge in the increasingly crowded insurance market.

To stay ahead of the curve, read our complete whitepaper: Underwriters and the Commercial AI Advantage.