Underwriting

With AI handling data processing, information retrieval and automated recommendations, underwriters can reinvent their role.

Imagine an application programming interface that retrieves weather records or property information instantly, eliminating the need for manual data entry. 

A broad survey found that 77% of senior executives said they are in some stage of adopting AI, up 16 percentage points from a year ago.

Michael Reilly, a managing director at Accenture, says underwriters only actually underwrite for 30% of their day -- but can soon get to 60%.

AI will help automate repetitive tasks, improve accuracy, increase efficiency and enable actuaries to function as business strategists.

Businesses applying for coverage must abandon the myth of secrecy and provide much more information for underwriters.

In personal lines and small commercial, a high percentage of underwriting (risk selection) is done through straight-through processing.

AI has emerged as a formidable tool, particularly advancements in computer vision models and large language models.