How insurers are overcoming underwriting challenges in 2024 (304)

Unstructured data - is this a challenge that will ever go away? Or can it be a challenge which insurers adapt to work in their favor…

At our last New York event in March, InsTech gathered three leading industry experts to candidly discuss what change in the industry looks like to them, specifically in the way unstructured data is handled and managed. 

We all know streamlining underwriting processes and optimizing data intake & routing will aid with precise risk pricing, but how are the US’s biggest carriers approaching the problem?

Hear from Patrick Gallic at Tokio Marine HCC, Georgeanna Munger at Allianz Commercial, and Brad Craner at Zurich North America about pocketed digitisation, implementing best practices, moving blame away from the brokers and how generative AI can serve to repurpose the underwriter’s time for the better.

Key talking points include:

• What are the current challenges underwriters are facing 
• How is technology addressing these issues
• The dichotomy between late-career and early-career underwriters - what can be learnt from this
• Technology adoption is an evolution
• Is too much data the problem? 
• The ‘art v science’ of underwriting 

If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn.

To find out more about InsTech, our membership and offerings visit www.instech.co or contact us hello@instech.co

Continuing Professional Development

This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme.

By the end of this podcast, you should be able to meet the following Learning Objectives:

• Specify why implementing best practices for underwriting is important
• Identify reasons why unstructured data is such a problem and can it be solved
• Summarize what the ideal form of technological integration can look like for an underwriter and how it could possibly repurpose their time

If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 304 page of the InsTech website or email cpd@instech.co to let us know you have listened to this podcast.

To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.