Webinar: Leading insurance experts weigh in on the advantages of deploying AI in P&C underwriting
Lisa Seguin Lisa Seguin
July 9 2 min

Webinar: Leading insurance experts weigh in on the advantages of deploying AI in P&C underwriting

If our interactions with insurers around the world these past three years have taught us at Element AI anything, it’s that the underwriting process is fraught with manual, time-consuming tasks that are ripe for automation. From manual submission data entry, to validating basic data like addresses, business activity codes and broker information, so many tasks throughout the underwriting process represent opportunities to introduce automation and ultimately cut costs.

Turning to AI to increase underwriting profitability

Pressure to optimize underwriting processes is even more keenly felt today than it has been in the recent past. With a slow economic recovery in sight thanks to the COVID-19 pandemic, P&C insurers must look to new and sophisticated tools to gain a competitive edge at a time where there is less business available to go around.

On average, underwriters spend roughly 40% of their time performing manual data entry. By giving underwriters access to AI-powered tools that number can decrease significantly. AI solutions can be used to automate submission data extraction and upload it into your system of records, provide underwriters risk appetite recommendations and help teams intelligently prioritize more profitable submissions, increasing your underwriting team’s capacity in addition to your business’ economic growth.

In a recent webinar hosted by Insurtech Insights, Baiju Devani (SVP of Data Science & CDO at Aviva), Michael Gulla (Director of Underwriting at Hippo) and Charles Dugas (Insurance Industry Principal at Element AI) discuss how many P&C leaders are turning to AI to improve their underwriting functions and the impact it has on their team’s performance and ultimately, their profitability.

By watching this webinar, you will learn:

  • Why AI can help solve the challenges P&C underwriting teams are facing
  • What an automated underwriting process looks like
  • How to intelligently automate operations to generate ROI

Watch the recording to learn more, or contact our AI experts to get started with optimizing your underwriting workflow.