Historically, data was used to understand what happened and why. With the ability to leverage artificial intelligence (AI) and structured data, it now serves as a competitive advantage by using it to model and mitigate risks. Without it, carriers and MGAs will struggle to create efficiencies from manual processes and workflows relying on unstructured data.
A proactive approach to risk management is primarily a technology-driven opportunity to differentiate and position underwriting as a key driver for growth. By deploying an AI-powered underwriting workbench, carriers can optimize the role of data in day-to-day underwriting workflows, streamline the submission process and reduce the timeliness of responding to requests and providing accurate quotes.
Assessing risk is complicated. The demands on underwriters to keep up with the pressures of increasing growth targets means they can no longer rely on time-consuming manual processes. The gaps that exist between legacy systems make it exceedingly difficult to obtain a complete view of the client and the risk.
Growth places demands on underwriting and without the technology to support the drive for new business, the underwriting function runs the risk of becoming overwhelmed and falling behind. After spending a few days with carriers and MGAs at ITC 2023, it is becoming more visible that the need to balance the need to acquire, process, and underwrite good risks will depend on the ability for underwriting to have the capacity to assess, quote, and place risk.
Matt McGrillis, Send Co-Founder and CTO