Underwriting

ITL FOCUS is a monthly initiative featuring topics related to innovation in risk management and insurance.

This month's focus is Underwriting

To get a better handle on how insurers can underwrite risk in such an uncertain world, ITL talked this month with Henry Kowal, director, outbound product management, insurance solutions, at Arity, an Allstate subsidiary company.

Fortunately, technology is maturing just in time to respond to common challenges, allowing underwriters to refocus their time on what they do best. 

The corporate world is now so connected and complex that underwriters need to understand accumulations of exposures within corporate distribution and value chains.

50% of small business owners trust their carriers more than they did pre-pandemic. That number jumps to 80% when the business owner has filed a claim.

I asked an audience how long it takes a new underwriter to go from zero to productive: The majority voted for 24 to 36 months. This is a ludicrous proposition in the age of AI.

96% of insurer executives see personal lines underwriting undergoing significant changes within five years – remarkable given the shifts that have already occurred.

Eighty-nine percent of insurers are planning or applying automated workflow technologies to their small business operations.