Future of underwriting – driven by talent and technology – E&Y
Article Synopsis :
Insurance underwriting is undergoing a transformation and a wide array of digital tools and technologies is enabling the underwriter of the future. Modern-age underwriting is expected to bring more insight and efficiency to corporate insurers which will eventually drive profitable growth and reduce losses.
In the thought leadership paper “The future of underwriting – A transformation driven by talent and technology”, E&Y’s Gail McGiffin presents a vision of the future of underwriting and describes the role that underwriters will play in the coming years. The paper highlights some of the transformative technologies and talents that insurers will need to thrive in tomorrow’s highly dynamic and competitive marketplace. In the report, Gail McGiffin considers how the role of underwriters will change and concludes that future underwriters will need to be masters of many trades and will have to acquire new skills and capabilities that will broaden their role to that of:
- Sales executive
- Decision scientist
- Customer advocate
As insurers think about the future of their business and the role of underwriting, cultivating the right talent will be as important as deploying the right tool sets.
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Digital Insurer's CommentsThe role of the underwriting function will change as insurers leverage powerful models and technologies, but key to its success will be to raise the next generation of talent that can produce the transformative value that technology makes possible. Insurers in Asia should not overlook this important consideration and ensure that any plans to transform the underwriting function also include a strong talent management component.
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