Full article with thanks to: insurancebusinessmag.com/uk/news/technology/is-ai-headed-down-the-same-track-as-insurtech The term is becoming redundant, expert argues. Artificial intelligence (AI) has grown to encompass a broad range of financial technology applications, and insurtechs billing their offerings as “AI-powered” must work harder to distinguish themselves in a crowded marketplace, an expert has warned. Dr. Andrew Johnston (pictured), global head of insurtech at Gallagher Re, suggested that the …
The Transformative Role of Underwriting Workbenches in Risk Assessment
Full article with thanks to: techround.co.uk/finance/underwriting-workbench-explained In the intricate landscape of finance, where uncertainties are inherent, underwriting assumes a critical role in ensuring the stability and prosperity of businesses. The conventional underwriting process involves a detailed examination of various factors to evaluate the risk associated with a specific transaction or investment. However, as the financial landscape evolves, there is a …
The Future of Underwriting: Transforming Commercial Insurance with Technology
Full article with thanks to: forbes.com/sites/forbesbusinesscouncil/2024/01/04/considerations-for-modernizing-the-underwriting-process-in-commercial-insurance The commercial insurance industry is at an inflection point due to several economic uncertainties like inflation, sluggish rate growth, competition for distribution partner preferences and more. These factors, along with increasing natural catastrophes and the growing threat of cyber risks are challenging insurers. It is now necessary that carriers examine and transform their product portfolio strategies and pricing …
Pioneering Financial Decisions with Artificial Intelligence
Full article with thanks to: techround.co.uk/guides/8-ways-ai-impact-financial-decision-making With technology rapidly progressing, it’s evident that artificial intelligence has gained prominence in the finance sector. AI is revolutionising decision-making processes in areas such as investment and risk management for financial institutions and underwriters, ranging from underwriting workbenches to other key decision making processes. As we contemplate the future of decision-making in finance, it’s imperative to grasp …
UK’s Insurtech Supremacy: Leading Global Innovation
London has been the global epicenter of innovation in the insurance industry since the 1600s, when Lloyd’s of London was established. Today, the United Kingdom is positioned as a global leader in the field of insurtech. A flourishing ecosystem of start-ups, investors, and incumbents are working together to drive innovation and growth in the industry, from artificial intelligence and machine learning …
Redefining Risk Assessment: The Machine Learning Edge in Underwriting
Full article with thanks to: techround.co.uk/guides/tech-improves-underwriting-decisions-insurance In the rapidly evolving landscape of the insurance industry, technology has become a driving force behind enhanced efficiency, accuracy, and innovation. One of the critical areas where technology is making a substantial impact is underwriting. Underwriting decisions form the bedrock of insurance, determining the risk profile of policyholders and setting premiums accordingly. In this article, we …
Tech Innovations Reshaping Insurance Underwriting: A Top 10 Overview
Full article with thanks to: techround.co.uk/guides/tech-improves-underwriting-decisions-insurance In the rapidly evolving landscape of the insurance industry, technology has become a driving force behind enhanced efficiency, accuracy, and innovation. One of the critical areas where technology is making a substantial impact is underwriting. Underwriting decisions form the bedrock of insurance, determining the risk profile of policyholders and setting premiums accordingly. In this article, we …
Navigating Change in Underwriting: The Path to Digital Integration
Full article with thanks to: nsurancethoughtleadership.com/going-digital/rules-digital-transformation Insurance systems need to talk to each other. They must be able to store, share, retrieve and use the same data. Data should flow unimpeded from the first collection of information, from a prospect or census, through underwriting to policy administration to claims. Failure to integrate data adds cost and complexity and introduces errors. …
Bridging the Digital Divide in Insurance Underwriting: A New Era of Data Integration
Full article with thanks to: insurtechinsights.com/making-the-digital-leap-in-underwriting Underwriting has historically been one of the most data-intensive areas of insurance. But when it comes to looking at investments and results, data and information handling for underwriting at most carriers is still disjointed and disconnected. This is underwriting’s version of the digital divide we’ve been discussing in this series, and it leads to …
A Guide to Decoding the Right Risk Placement Platform
Full article with thanks to: https://www.insiderengage.com/article/2c5n3jrrv7rdm98v0ptz4/events/monte-carlo-2023/the-importance-of-being-well-informed-when-choosing-a-risk-placing-platform Making a well-informed choice on which electronic risk placement platform you adopt when PPL forces you off its current v3 system in October sounds like a sensible thing to do. It’s a strategic decision, after all, and one that will seriously affect your working practice either in a positive or negative way. Since the …
Embrace AI or Get Left Behind: Thriving in the AI-Driven Landscape
Full article with thanks to: hbr.org/2023/08/how-to-reskill-your-workforce-in-the-age-of-ai How will AI affect businesses and employees? It’s the million-dollar question, and according to Harvard Business School’s Raffaella Sadun, the answer will depend on how well an organisation connects the new technologies to both a broad corporate vision and individual employee growth. One without the other is a recipe for job elimination and fewer …
Embracing AI: Transforming the Insurance Landscape and What That Means for Underwriting
Full article with thanks to: mckinsey.com/industries/financial-services/our-insights/insurance-2030-the-impact-of-ai-on-the-future-of-insurance Welcome to the future of insurance, as seen through the eyes of Scott, a customer in the year 2030. His digital personal assistant orders him a a vehicle with self-driving capabilities for a meeting across town. Upon hopping into the arriving car, Scott decides he wants to drive today and moves the car into “active” …
Optimising Underwriting in the Digital Age: A Guide to Essential Workbench Features
Full article with thanks to: techround.co.uk/guides/features-need-underwriting-workbench Global underwriters are increasingly adopting underwriting workbenches to streamline workflows, integrating established technologies with cutting-edge advancements in AI automation and data-driven decision-making. These professionals typically use diverse tools daily, scattered across an insurer’s tech ecosystem. An underwriter’s workbench neatly consolidates these tools into a unified, streamlined interface. In this article, we will explore the …
Outdated vs. Effective: Personalisation in Change Management
Full article with thanks to: mckinsey.com/capabilities/people-and-organizational-performance/our-insights/the-organization-blog/when-one-size-doesnt-fit-all-how-to-make-change-personal Successfully transforming an organisation continues to be one of the greatest challenges facing leaders, as it requires changing the behaviours and underlying mindsets of a critical mass of people. Behavioural-science research shows that there are four levers to driving change: role modelling, fostering understanding and conviction, reinforcing with formal mechanisms, and building confidence and skills. Together, these are …