With the insurance industry awash in data from a variety of sources and devices, underwriters are under pressure. The need to leverage disruptive technology tools that provide more bespoke information regarding risk that improves underwriters’ ability to their job is essential today. Underwriter transformation is essential. In this report we offer ideas to address the emerging challenges.
We advocate insurers ease the burden on underwriters by orchestrating a variety of emerging technologies that can enable digital labor, new data sources enabled by the Internet of Things (IoT),analyze customer behavior data, and establish digital channels for real-time soutions.
Though complex and capital intensive, the potential to pay robust dividends is significant. In some ways, the industry has no choice. Either step up or step away because the race is on.