Digital Underwriting: What’s Next?

04/10/2019 Samantha Chow, Senior Life and Annuities Analyst, Aite Group , ,
Digital Underwriting: What’s Next?

The insurance industry is finally making waves in the area of digital underwriting. It’s refreshing to see some carriers step out of their comfort zones and go beyond just automating basic activities with rules engines and more advanced workflow tools. Most carriers are starting to use additional external third-party data to help support the automation process as well, reducing the operational costs of onboarding a new customer and creating a better customer experience. While it seemed to take forever for many carriers to utilize some of the basic third-party data elements, such as Medical Information Bureau or motor vehicle records, or even credit or reinsurance scores, this is finally becoming the norm.

There is much more to come, though, in the advancement of digital or automated underwriting. Some carriers and startups are just beginning to scratch the surface of how data elements and advanced tools can support the underwriting process and help the industry.

There is so much more data available today to support the underwriting of the entire insurance industry: life, health, wealth, auto, home, commercial, business, and more. Wearables (e.g., Fitbit, Apple Watch, and Garmin) and connected health devices such as blood sugar monitors, toothbrushes, and blood pressure monitors help carriers better understand a person’s health. Drones, satellite images, weather data, and connected home and business devices such as water leak, fire, or CO2 detectors better assess the risk of a home or business. Telematics devices that are built into vehicles or mobile apps track a person’s driving patterns and behaviors to help carriers better assess a driver’s risk. All of these are available today and can provide great value to the digital underwriting process, but many are not being used, or their abilities are not being leveraged well enough to provide extreme benefits to the carrier or the customer.

Now let’s add on the advancement of robotic process automation, artificial intelligence, machine learning, and cognitive computing. The insurance industry has a recipe for next-generation digital underwriting: using a combination of human expertise and technology to reduce human error, improve risk, create consistency, and reach the ultimate customer experience without any of the major downfalls.

The Silicon Valley Insurance Accelerator (SVIA) will host its annual InsurTech FUSION Summit: Rise of a Digital Insurance Industry on June 18 and 19, 2019, in San Francisco. The session Next-Gen Digital Underwriting will be a featured topic of conversation with many new data elements and technologies being discussed. Don’t miss the opportunity to learn how to take the next step in your digital underwriting journey.

Register now at www.insurtechfusion.com and get 15% off of your registration using the code SAMANTHAC15. Aite Group and SVIA look forward to seeing you there and helping you take the next step in your digital transformation journey.

Samantha Chow, Senior Life and Annuities Analyst, Aite GroupDigital Underwriting: What’s Next?
Read More

SVIA Podcast Series: SMB Insurance | 15 – Emerging Underwriting Technologies, Models & Strategies

11/05/2018 SVIA ,
SVIA Podcast Series: SMB Insurance | 15 – Emerging Underwriting Technologies, Models & Strategies

Overview of current state and emerging requirements and options for digital generation underwriting solutions and how those will impact business, product, technical and partnering strategies. ~ Speaking: Max Drucker – CarpeData | Kuldeep Malik – DataCubes |

SVIASVIA Podcast Series: SMB Insurance | 15 – Emerging Underwriting Technologies, Models & Strategies
Read More

NOW TO NEXT - Empowering Leaders For The AI Era Of Insurance

NewTech Match

  • Know How To Protect Your Insurance Career In An AI Era? Ignore This
    Building Your Career in the AI Era of Insurance Requires A New Strategy It’s easy to get overwhelmed with all of the hype about AI and tune it out. What’s true is that none of us really know all the ways AI will impact our lives and careers and, for that matter, what to do
  • Gen AI is Here. What’s Next For Insurance Careers?
    Welcome to The Great AI Transformation AI is not just a technological advancement; it’s a transformative force reshaping how value is defined, created, and delivered in the insurance industry. This transformation extends beyond technology, redefining the insights and skills insurance professionals need to stay relevant and competitive. Whether you work in sales, marketing, underwriting, claims,
  • Building a Career Edge In the AI Insurance Era: Demystifying The AI Genie
    Artificial Intelligence (AI) is rapidly transforming industries worldwide, and the insurance sector is no exception. To stay competitive and advance your career, it’s crucial to develop a deeper understanding of AI and its impact on our industry.
  • Assessing Leadership Proficiency in an AI-Driven Insurance Era
    The rapid adoption and increasing capabilities of Artificial Intelligence (AI) require new competencies in leaders throughout their organization. Do your leaders have them? Keep reading to find out.
  • Benchmarking Insurance Leaders’ AI Readiness
    Artificial intelligence (AI) is rapidly reshaping insurance. The role of decision-makers is more crucial than ever. Beyond merely adopting AI as a technology, leaders must prepare their organizations for the next wave AI innovations. Innovations that will redefine the industry. How ready are your leaders?