The growth of Enhanced Underwriting — the opportunity and the role of technology in realising it

About this event

In November 2024 the Lloyd’s Market Association published a report called “The Growth of Enhanced Underwriting in the Lloyd’s Market: The New Normal?” This event pulled out the key findings from that report, identified the main areas for growth, determined the data and technology required to take advantage of the opportunity and discussed how vendors and the insurance market should work together to optimise the opportunity.

Enhanced Underwriting (as defined in the report) currently represents around $5 billion USD in premium. The market expects “significant growth” in that over the next 5-10 years with Pure Algorithmic Underwriting and Active Portfolio Trackers both projected to grow at around 20% a year, Augmented Underwriting at around 60% a year and Digital and Algorithmic Broker Facilities around 50% a year from a low base.

By any measure that represents a massive opportunity for carriers, brokers, technology vendors and data providers alike. It also has huge implications for the future of the market and will be a significant influence on future strategy, technology investment and talent acquisition. The purpose of this event was to explore all those issues and assess the best way for vendors and the market to collaborate to mutual benefit.

To kick things off we heard from the LMA and Oxbow Partners on the genesis of the report, their assessment of the findings and their plans to provide further support to the market on this topic. They were joined by 3 co-sponsors of this event, all leading providers of technology in the Enhanced Underwriting space: Artificial Labs, InsurX and Verisk Specialty Business Solutions.

Our sponsor sessions will include:

• Artificial Labs Panel: Experts discussed how to build a smart digital proposition tailored to your business, with insights from brokers and carriers on configuring smart placement and underwriting strategies for competitive advantage.
• InsurX Panel: Explored how technology can drive growth in the London Market by improving administrative efficiency, accelerating service and leveraging digital facilities and smart follow to expand market reach.
• Verisk Specialty Business Solutions Panel: A discussion on how AI, data analytics, and digital platforms are transforming underwriting, enhancing risk assessment, streamlining operations and creating new opportunities in a dynamic market.

Additionally, we canvassed the market in dedicated underwriter and broker panels.

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