Enhancing an underwriter’s judgement and ‘gut feel’

In this short video by John Racher, Head of UK Operations and International Growth, AdvantageGo, John speaks about how technology focused underwriting tools are a decision support asset rather than a threat to underwriters. He also discusses the reasons for slow adoption rates of new technology for underwriters and how AdvantageGo’s Underwriting platform enhances an underwriter’s judgement and ‘gut feel’.

The Underwriter’s role is perhaps the most susceptible to automation and the impact of artificial intelligence in insurance underwriting. Although many tasks of the Underwriter’s role in personal lines have been automated, there is little evidence to support that this has happened in the P&C insurance space. Underwriting platforms and tools haven’t addressed underwriters' needs until recently, and most software offerings didn’t accommodate an Underwriter’s intellectual property or integrate with third-party systems.

One of the fundamental roles of insurance technology is to support and enhance at Underwriter’s tacit knowledge through systemising workflow processes, automating low-value tasks, and providing proactive insights and contextual data that leverage an Underwriter’s experience.

The adoption of underwriting technology is a priority for Insurers. In an underwriting survey we published last year, seventy percent of respondents, insurance and reinsurance executives said that they were comfortable with automating large volumes of simple underwriting tasks in the future.

The same survey showed that two of the five top concerns of industry leaders were the need to upgrade technology and underwriting discipline.

Technology focused Approach for Underwriters

As a trusted software provider to the insurance industry, we have been focused on supporting Underwriters’ instinct, implied knowledge, and experience through smart technology for Underwriters.

Our ‘Underwriting’ platform, specifically designed for and in partnership with underwriters, streamlines and automates low-value tasks, systemises processes and improves underwriting discipline. Our software is a digital foundation that provides rich functionality that will equip underwriters with the tools to address new business models and support their digital future.

With a rise in the volume and format of data to analyse, underwriters need to quickly and accurately evaluate structured and unstructured data delivered through various channels. Underwriters need to rapidly respond to shifting market needs in the digital age and create and offer new products and policies.

Powered by an ecosystem of data providers that supports data led decisions, ‘Underwriting’ proactively delivers new business insights and risk specific knowledge.

When combined with an underwriter’s own intellectual property and existing data assets, underwriters can begin to create new products, understand risk at new levels of granularity, and differentiate beyond their peers. We also provide an intelligent virtual assistant for insurance companies and insurance business analytics tools.

We believe that ‘Underwriting’ is the only solution for the underwriter who wants to succeed and position themselves as a leader in the digital era.