If underwriters could spend more time underwriting risks and price those risks more accurately, they could protect more customers, be more profitable and pay brokers more in commissions. Everyone wins.
To make that happen, the underwriter needs to be able to carve out more time to focus on assessing and pricing risk. An Accenture report into P&C underwriting published last year found that the average underwriter today spends only 30% of their time on actual underwriting with the balance spent on administration, negotiation and sales support.
In this event, part two in a series of three events on making the underwriter’s life easier, we examined how the whole value chain could contribute to helping underwriters do more underwriting. We looked at how to get underwriters better data to underwrite with, how technology can augment the underwriting process, how to spin up predictive analytics models for additional insight and how MGAs can play their role by making delegated underwriting more dynamic and efficient.
Sessions included:
- Augmented Underwriting – better, quicker risk pricing: Richard Smith, Chief Product Officer at Verisk and Simon Clapham, Director at Avatar Holdings
- AI/ML: hype v reality: Byron Berrisford, Chief Revenue Officer at Octai and Victor Jansson, Manager, Solutions Architecture – Startups UK & Ireland at Amazon Web Services
- Digital Distribution – getting underwriters the right data in the right way: Reid Stanway, Chief Digital Officer at Verisk
- The MGA of the future: enhancing the whole value chain: Gavin Peters, Chief Marketing Officer at Genasys, and Ed Halsey, COO & Co-founder at Taveo
- What next for MGAs: Mark Oldroyd, Chief Data Officer at Carbon Underwriting, Tim Quayle, CEO at OneAdvent
- Insurer Perspective: Jessica Farrow, Senior Client Underwriter, Vice President, Market Units P&C Reinsurance at Swiss Re
The event was supported by Verisk, Octai and Genasys.
Registration was from 4:30 pm, presentations were from 5:00 pm, networking bar and pizza were from 7:00 pm, event ended at 8:00 pm.
This event was free to InsTech members, insurers, risk managers and start-ups (less than two years old). Please email [email protected] for your PROMO Code. If your organisation is a member of InsTech, you can register for our events for free by using your existing account or creating a new account on our website. If you are unsure, please email us.
Continuing Professional Development (CPD)
InsTech is accredited by The Chartered Insurance Institute (CII). By attending an InsTech Evening event, you can claim up to 1.5 CPD hours towards your CPD scheme.
If your organisation is a Corporate Member of InsTech and you would like to start receiving a quarterly summary of the CPD hours you have earned through InsTech, then please let us know by emailing [email protected].
The Learning Objectives for this event were:
- Assess the role of technology in underwriting, specifically focusing on augmented underwriting tools and predictive analytics
- Describe how Managing General Agents (MGAs) can play a role in making delegated underwriting more productive and effective
- Identify some of the digital distribution methods and solutions that can empower underwriters with timely and relevant data
Please take a minute to fill in this short feedback form and let us know what you thought of this event.