In the changing landscape of underwriting, teams are being called upon to make decisions using a more data-driven approach. While the traditional art of underwriting will still play a role, there is now an increased emphasis on predictive decision-making before a policy is issued. This shift requires underwriters to assess price risk and the potential impact on the bottom line in advance.
The pressure to adapt to this new approach is not solely coming from within organizations. Consumers are also demanding faster, digital-first experiences and fair insurance policies. Automation is seen as a tool that can help meet these expectations and provide a more streamlined process for underwriting.
Overall, underwriting teams are being pushed to move away from relying solely on human judgment and instead incorporate more analytical and predictive tools into their decision-making process. This shift is driven by the need to keep up with changing consumer demands and to ensure that insurance policies are priced accurately and fairly.