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Send recently sponsored a webinar with Intelligent Insurer to address the courage underwriters must take as the industry, and profession, undergo a massive change from AI, legacy underwriter retirements and an extensive of submissions.

The panel of experts addressed the challenges faced by underwriters in the constantly evolving market and explored strategies to overcome these hurdles, improve speed and accuracy, increase profitability, and future-proof underwriting.

Send’s own Chief Revenue Officer Adam Cherubini was joined by industry leaders Tony Fenton from Nationwide, Jojo Dutta Roy from EY, Jonathan Charak from Zurich, and moderator Saranyaa Mohan from Aruvi Consulting. Their expertise provided valuable insights into the challenges faced by underwriters and the strategies needed to thrive in the evolving landscape of underwriting.

Handling the Challenges of Commercial Underwriting

Here are some of the key topics the group agreed upon:

“Underwriters have a tsunami of information in front of them, and are spending more time doing non-core activity. And not evaluating risk. Using technology as an aid to enhance the underwriting function. Human Underwriting will remain incredibility important. In order to be successful, they (carriers) need to invest in technology.” – Adam Cherubini

Clarity in the Underwriting Process

The panel discussed the need for clarity in the massive amount of data present in the current underwriting day-to-day.

Some of the solutions they suggested include:

“The sheer volume of data is different from 20+ years ago. Think about the data and parts and pieces to be successful. Taking the tools and connecting them all the way through the value chain, in adding to underwriting to make the underwriter successful. Pricing tools, analytical tools. Underwaters crave that. – Tony Fenton

“Can underwriters action on 100% of submissions? Not being able to get back (to brokers quickly) on submissions is losing insurers busienss. The number of carriers who have not digitized that front end, the work falls on underwriting assistants wondering how to get unstructured data into an unstructured way.” – Adam Cherubini

Addressing the Underwriting Talent Crisis

All panelists agreed there is a need to find new talent to consider roles in insurance, especially as underwriters.

All this tech is powering the underwriter. Customers expect fast services, while traditional tech may not allow them to provide this seamless customer experience.

Aging population and retirements are happening. We need to make sure junior underwriterss are not focused on mundane tasks. We, as an industry, need to empower them with technology to take the lead.” – Jonathan Charak

Underwriting is the lifeblood of the insurance industry. We need to get young, talented people into underwriting while marrying the underwriting function with the technology that is being built. It’s paramount to pair the human underwriter with leading tech. What you get is better business and happy employees. – Adam Cherubini

Final Thoughts

The webinar emphasized the importance of embracing technology, streamlining processes, and leveraging data insights to enhance underwriting decision-making and navigate the evolving market successfully.

Overall, the group agreed that technology will enable underwriting while there are new risks occurring every day, especially cybersecurity risks. Each of the panelists agreed the future is bright for the bionic (a topic we know quite well) underwriter, and for those who see AI and technology being an aid to give them the courage to change the profession.

You can view the full conversation here.

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