Underwriting is all about data. Since its inception, people in the insurance professionals have been evaluating data on risk, value, and other factors in order to make their decisions. Today’s underwriters have more variables to contend with, more submissions, more competition, and more data of all kinds to deal with than ever before. That’s why more and more insurance firms are implementing IoT and AI in underwriting.
IoT is transforming the underwriting process. Underwriters are peering directly into an organization’s real-world behavior with access to data provided by connected equipment, “smart” facilities, and telematics from vehicles. This affords a much better perspective of risks and the opportunity to move from periodic, reactive decisions to proactive, continual input. AI, on the other hand, is automating the process and making it lightning-fast. Also, AI-driven underwriting is allowing for a process redesign in the pre-implementation stage, which is effectively introducing standard operating procedures, and building best practices into the underwriting process.
Amid these digital trends, there is a variety of underwriting service providers entering the market to cater to the different needs of enterprises. To help them choose the service that best fits their requirement, Financial Services Review has compiled lists of top underwriting service providers. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for aspiring CIOs.
We present to you Financial Services Review’s “Top 10 Underwriting Service Providers – 2021.”