How insurers are overcoming underwriting challenges in 2024 (304)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 26 May 2024

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

Unstructured data - is this a challenge that will ever go away? Or can it be a challenge which insurers adapt to work in their favor… At our last New York event in March, InsTech gathered three leading industry experts to candidly discuss what change in the industry looks like to them, specifically in the way unstructured data is handled and managed. We all know streamlining underwriting processes and optimizing data intake & routing will aid with precise risk pricing, but how are the US’s biggest carriers approaching the problem? Hear from Patrick Gallic at Tokio Marine HCC, Georgeanna Munger at Allianz Commercial, and Brad Craner at Zurich North America about pocketed digitisation, implementing best practices, moving blame away from the brokers and how generative AI can serve to repurpose the underwriter’s time for the better. Key talking points include: What are the current challenges underwriters are facing How is technology addressing these issues The dichotomy between late-career and early-career underwriters - what can be learnt from this Technology adoption is an evolution Is too much data the problem? The ‘art v science’ of underwriting If you like what you're hearing, please leave us a review on whichever platform you use or contact Matthew Grant on LinkedIn. To find out more about InsTech, our membership and offerings visit www.instech.co or contact us [email protected] Continuing Professional Development This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme. By the end of this podcast, you should be able to meet the following Learning Objectives: Specify why implementing best practices for underwriting is important Identify reasons why unstructured data is such a problem and can it be solved Summarize what the ideal form of technological integration can look like for an underwriter and how it could possibly repurpose their time If your organisation is a member of InsTech and you would like to receive a quarterly summary of the CPD hours you have earned, visit the Episode 304 page of the InsTech website or email [email protected] to let us know you have listened to this podcast. To help us measure the impact of the learning, we would be grateful if you would take a minute to complete a quick feedback survey.

Transcript

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0:00.0	Absolutely, we're in a much better place than we were five years ago or ten years ago
0:04.0	because of analytics, because of AI, because of the better tools we've got to analyze
0:10.0	trends and portfolios and things like that.
0:12.0	But when you're talking about the actual underwriters' desk on a day-to-day basis, it's a different story.
0:33.3	Hi everyone and welcome back to the InSTech podcast. We had a great evening event in collaboration with Reserve last Tuesday on the claims ecosystems. Thank you to everyone who came.
0:38.3	We seem to have had a majority of first timers in the audience, which is always very exciting.
0:42.9	There are many opportunities to collaborate with Intertech, and events is a great way to entrench
0:47.4	and grow, specialised and engaged networks.
0:50.3	This week on the podcast, we have a throwback to our last event in New York, bringing together
0:55.9	three insurers who candidly spoke to Robin about the challenges that they are currently
1:00.1	facing and how the US's biggest carriers are approaching these problems.
1:04.6	The conversation is not finished, however. We are back in New York with Google Cloud,
1:09.5	Aon, Uncork, Advantage Go and Indico data to touch on how technology can help us reach the insurance endgame.
1:16.6	Is it through methods of evolution, revolution or a bit of both?
1:20.6	For a taste of for what's to come, over to Robin.
1:30.3	Time to hear from underwriters.
1:32.3	I'll get you to introduce yourselves.
1:34.3	Hi everyone, my name is Patrick Gallick.
1:36.3	I lead a business innovation group across Tokyo Marine HCC.
1:39.3	If you don't know, Tokyo Marine HCC, we're a specialty insurance carrier with like 150 products
1:45.8	and 17 different companies, all with different names.
1:49.0	Georgie.
	...

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