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\u2019s Underwriting platform enhances an underwriter\u2019s judgement and \u2018gut feel\u2019.<\/p>\n\n\n\n
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The Underwriter\u2019s role is perhaps the most susceptible to automation and the impact of artificial intelligence in insurance underwriting. Although many tasks of the Underwriter\u2019s 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<\/a> haven\u2019t addressed underwriters’ needs until recently, and most software offerings didn\u2019t accommodate an Underwriter\u2019s intellectual property or integrate with third-party systems.<\/p>\n\n\n\n One of the fundamental roles of insurance technology<\/a> is to support and enhance at Underwriter\u2019s tacit knowledge through systemising workflow processes, automating low-value tasks, and providing proactive insights and contextual data that leverage an Underwriter\u2019s experience.<\/p>\n\n\n\n The adoption of underwriting technology is a priority for Insurers. In an underwriting survey<\/a> 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.<\/p>\n\n\n\n The same survey showed that two of the five top concerns of industry leaders were the need to upgrade technology and underwriting discipline.<\/p>\n\n\n\n As a trusted software provider to the insurance industry, we have been focused on supporting Underwriters\u2019 instinct, implied knowledge, and experience through smart technology for Underwriters.<\/p>\n\n\n\n Our \u2018Underwriting\u2019 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.<\/p>\n\n\n\n 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.<\/p>\n\n\n\n Powered by an ecosystem of data providers<\/a> that supports data led decisions, \u2018Underwriting\u2019 proactively delivers new business insights and risk specific knowledge.<\/p>\n\n\n\n When combined with an underwriter\u2019s 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<\/a> and insurance business analytics<\/a> tools.<\/p>\n\n\n\n We believe that \u2018Underwriting\u2019 is the only solution for the underwriter who wants to succeed and position themselves as a leader in the digital era.<\/p>\n","protected":false},"excerpt":{"rendered":" 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\u2019s Underwriting platform enhances an […]<\/p>\n","protected":false},"author":2,"featured_media":3324,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[7],"tags":[],"line-of-business":[],"class_list":["post-1027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blogs"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/1027","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/comments?post=1027"}],"version-history":[{"count":0,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/1027\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media\/3324"}],"wp:attachment":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media?parent=1027"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/categories?post=1027"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/tags?post=1027"},{"taxonomy":"line-of-business","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/line-of-business?post=1027"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Technology focused Approach for Underwriters<\/h2>\n\n\n\n