Building the future of commercial underwriting: Part two
In September, we ran our second event in partnership with Deloitte to explore the future of commercial underwriting. Insurance leaders in the room heard expert views on the underwriting function of the future - the impact of APIs and artificial intelligence, along with best practice on the journey towards digital transformation.
Jack Whalley, Senior Manager, Insurance Strategy and Operations at Deloitte, outlined the shift in society that has led to a need for an evolution in commercial insurance, largely due to the proliferation of new technologies such as the Internet of Things and blockchain. But while insurers are identifying a renewed need for customer-centricity, it can be challenging to adapt to customer needs when insurers don’t yet have a single, holistic view of the customer.
Jack left us with an image of customer led, machine powered underwriting, a future driven by data in which “the underwriters underwrite”, and one which will be a reality soon enough if companies are willing to take small, incremental steps towards change.
You can watch a highlight from Jack’s presentation here:
Our own CEO Richard Hartley explained that the future of underwriting is all about using technology to automate data assembly, enabling underwriters to make faster, better-informed decisions. It shouldn’t be about an underwriter spending half a day looking for information, rather it’s about getting that information in one place as easily and accurately as possible so the underwriter can make a decision.
In the next five years, insurance companies will become tech companies. Richard explained how these insurance companies won’t compete on judgement – instead, it’s all about data.
You can watch a highlight from Richard’s presentation here:
Our speakers from Deloitte and Cytora were joined by Jacqueline McNamee, CEO at insurtech MGA C-Quence, who answered questions on her company’s own digital transformation journey posed by Deloitte’s Nigel Walsh. Since launching in January 2019, C-Quence has established itself as a full-stack, technology-first MGA, putting data and customer experience at the core of its offering.
Jacqueline outlined the C-Quence approach to building a product and how this has evolved, creating an understandable, comprehensive product underpinned by technology and strong underwriting capability. Jacqueline also noted the disparity between the pace of the insurance industry vs. tech – while many insurers are striving for digital transformation, this imbalance is a reality they are faced with. But it’s about patience and small steps, with incremental changes ultimately leading to significant progress.
You can watch a highlight from the Q&A with Jacqueline here: