In a detailed interview, Michael Reilly from Accenture highlighted the current inefficiencies in underwriting, where only 30% of an underwriter’s time is spent on actual risk evaluation, with the remainder bogged down by administrative tasks. Reilly advocates for a transformative leap in productivity through technology, suggesting that with the right tools, underwriters could focus 60% of their time on their core responsibilities.
Reilly criticized the persistence of "digital paper" like PDFs which hinder true digital transformation, and discussed emerging technologies that can digitize comprehensive data sets for better accessibility and evaluation by underwriters. Despite the technological advances, Reilly pointed out the industry’s hesitation to adopt these new methods quickly. He also mentioned the potential of artificial intelligence in enhancing decision-making without replacing the essential human element in complex risk assessments. Overall, Reilly remains optimistic about achieving significant efficiency gains in underwriting through innovation and better data integration.