{"id":9885,"date":"2025-03-10T09:21:18","date_gmt":"2025-03-10T09:21:18","guid":{"rendered":"httpss:\/\/www.advantagego.com\/en-us\/?p=9885"},"modified":"2025-03-12T06:17:55","modified_gmt":"2025-03-12T06:17:55","slug":"voi-podcast-with-graham-evans-of-westfield-specialty-insurance","status":"publish","type":"post","link":"https:\/\/www.advantagego.com\/en-us\/content\/voi-podcast-with-graham-evans-of-westfield-specialty-insurance\/","title":{"rendered":"Balancing AI and human expertise in underwriting \u2013 Westfield\u2019s Evans"},"content":{"rendered":"\n<p><iframe title=\"Ep243 Graham Evans Westfield Specialty: A Good Steward of Insurance Capital\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?from=embed&amp;i=ap3n3-18271b7-pb&amp;share=1&amp;download=1&amp;fonts=Tahoma&amp;skin=3267a3&amp;font-color=&amp;rtl=0&amp;logo_link=&amp;btn-skin=1b1b1b&amp;size=150\" loading=\"lazy\"><\/iframe><\/p>\n\n\n\n<p><strong>Graham Evans on Market Challenges and Opportunities, Head of International Insurance at 177-year-old Westfield Specialty Insurance.<\/strong><\/p>\n\n\n\n<p>Artificial intelligence is becoming a key part of insurance operations, but for Graham Evans, Executive Vice President and Head of International Insurance at Westfield Specialty Insurance, technology is best used to support human decision-making, not replace it.<\/p>\n\n\n\n<p>Speaking on the latest episode of the <em>Voice of Insurance<\/em> podcast, Evans shared his perspective on AI\u2019s role in underwriting, the importance of operational efficiency, and the challenges and opportunities in today\u2019s market.<\/p>\n\n\n\n<p><strong>AI as enabler, not replacement<\/strong><\/p>\n\n\n\n<p>While some insurers are exploring <a href=\"https:\/\/www.advantagego.com\/en-us\/products\/underwriting\/\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/www.advantagego.com\/en-us\/products\/underwriting\/\" rel=\"noreferrer noopener\">AI-driven underwriting<\/a>, Evans is clear that Westfield sees technology as a tool to enhance efficiency rather than replace human expertise.<\/p>\n\n\n\n<p>\u201cOur view is we like the idea of creating operational efficiency through the use of AI. We don\u2019t like the idea of underwriting with AI,\u201d he said.<\/p>\n\n\n\n<p>Instead of automating risk selection, the company focuses on using AI to streamline processes.<\/p>\n\n\n\n<p>\u201cIf it\u2019s contract certainty, if it\u2019s triage of submissions, if it\u2019s the interplay between pricing and underwriting, if it\u2019s machine learning in reserving\u2014those things are really interesting because we can create a better outcome and a more efficient outcome by using technology.\u201d<\/p>\n\n\n\n<p>The use of AI, he emphasised, should be about eliminating tedious tasks, not taking the human out of underwriting.<\/p>\n\n\n\n<p>\u201cEverything that I\u2019ve done here in the last two years has been focused on really bringing people together, making sure we have the right talent in the right place, creating an environment where people are happy in their work. Having that relationship with a computer might not be quite so endearing.\u201d<\/p>\n\n\n\n<p>Westfield\u2019s approach stands in contrast to larger corporations that have automated customer interactions to the detriment of service, he suggested.<\/p>\n\n\n\n<p>\u201cI have this theory that the larger you become, you talk about how important the customer is, but you don\u2019t mean it. If I try to interact with my bank or my favourite airline, via a bot, it\u2019s a deeply unsatisfactory experience every single time.\u201d<\/p>\n\n\n\n<p>His stance is clear: \u201cClaims and underwriting in particular, where the most interaction takes place with third parties and brokers, should remain a human experience.\u201d<\/p>\n\n\n\n<p><strong>Navigating market cycles<\/strong><\/p>\n\n\n\n<p>Beyond AI, Evans addressed the broader market dynamics shaping the insurance landscape. Despite ongoing rate increases, he acknowledges a shift.<\/p>\n\n\n\n<p>\u201cWe\u2019ve seen year-on-year rate increases for a number of years, but we\u2019re probably moving through the peak right now. Early stages of 2025 look a little bit more competitive than 2024.\u201d<\/p>\n\n\n\n<p>However, he sees this as a moment of balance. \u201cOpportunity and risk are pretty well matched currently, which means it\u2019s a market we\u2019re willing to grow in.\u201d<\/p>\n\n\n\n<p>Natural catastrophes, such as the recent California wildfires, also pose significant challenges.<\/p>\n\n\n\n<p>\u201cI think wildfires are likely to cause more concern for insurers and reinsurers than wind events. Every cat event is a learning experience\u2014they expose poor underwriting or poor <a href=\"https:\/\/www.advantagego.com\/en-us\/products\/exposure\/\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/www.advantagego.com\/en-us\/products\/exposure\/\" rel=\"noreferrer noopener\">risk management<\/a>.\u201d<\/p>\n\n\n\n<p>He pointed to past events, such as Hurricane Sandy, where unexpected claims surfaced due to inadequate risk assessments.<\/p>\n\n\n\n<p>\u201cEvery time a major event happens, it uncovers something new\u2014whether it\u2019s an art dealer storing works in a basement that floods or a high-net-worth client underestimating their exposure.\u201d<\/p>\n\n\n\n<p>In the face of these challenges, Evans believes patience is a key advantage for Westfield, an insurance company with a 177-year-old heritage.<\/p>\n\n\n\n<p>\u201cOne of the things that appealed to me about Westfield was the concept of stewardship,\u201d he said. \u201cThe company sees itself as stewards of the business for the next generation. We\u2019re not looking at five-year plans to sell off a business; we\u2019re thinking about the long term.\u201d<\/p>\n\n\n\n<p>This mindset allows the company to take a cautious, strategic approach to growth. \u201cEven in a relatively high point in the market, we don\u2019t need to force growth,\u201d he said.<\/p>\n\n\n\n<p>Growing in directors\u2019 and officers\u2019 liability (D&amp;O) doesn\u2019t appeal to him at present, he underlined.<\/p>\n\n\n\n<p>\u201cIt\u2019s a tough place to be at the moment,\u201d he said. \u201cIt&#8217;s a profitable market, but it&#8217;s a tough trading environment, and to force growth in that area right now is not a wise thing to do.\u201d<\/p>\n\n\n\n<p>For Evans, a combination of human expertise, technological support, and <a href=\"https:\/\/www.advantagego.com\/en-us\/content\/insurtech-maintain-discipline-hardening-market\/\" target=\"_blank\" data-type=\"link\" data-id=\"https:\/\/www.advantagego.com\/en-us\/content\/insurtech-maintain-discipline-hardening-market\/\" rel=\"noreferrer noopener\">disciplined underwriting<\/a> is what will define successful underwriting.<\/p>\n\n\n\n<p>\u201cCompetition is good for us because it ensures that we think very clearly about the risks we take and that we present a proposition that is meaningful, not lazy,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Graham Evans on Market Challenges and Opportunities, Head of International Insurance at 177-year-old Westfield Specialty Insurance. Artificial intelligence is becoming a key part of insurance operations, but for Graham Evans, Executive Vice President and Head of International Insurance at Westfield Specialty Insurance, technology is best used to support human decision-making, not replace it. Speaking on [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[19,26],"tags":[10,14],"line-of-business":[28,20],"class_list":["post-9885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcasts","category-latest-insights","tag-exposure","tag-underwriting-workbench","line-of-business-general-liability","line-of-business-property"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/9885","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=9885"}],"version-history":[{"count":0,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/posts\/9885\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media\/6594"}],"wp:attachment":[{"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/media?parent=9885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/categories?post=9885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/tags?post=9885"},{"taxonomy":"line-of-business","embeddable":true,"href":"https:\/\/www.advantagego.com\/en-us\/wp-json\/wp\/v2\/line-of-business?post=9885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}