InsurTech Leaders Highlight AI’s Role in Underwriting

At the Carrier Management’s InsurTech Summit 2024, Max Bruner, CEO of Anzen Insurance, and Marcus Daley, co-founder of NeuralMetrics, discussed how AI and unstructured data are reshaping the insurance industry. Bruner, whose company focuses on executive risk insurance, and Daley, a veteran technologist providing data insights for small business insurers, highlighted the challenges and opportunities presented by AI-driven underwriting.

Daley noted that traditional database technologies forced companies to rely on well-structured datasets, which are often rigid and limited. NeuralMetrics leverages AI to extract valuable insights from sparse, unstructured data, helping insurers better assess risks for small and micro-businesses. This approach shifts the focus from structured data to using machine-generated mathematics for more accurate risk assessments.

Bruner emphasized the transformative impact of AI advancements over the past two years, enabling companies like Anzen Insurance to handle the vast amounts of unstructured data involved in executive liability insurance. AI tools streamline workflows, allowing underwriters to process complex data quickly and efficiently. Speed and efficiency, Bruner noted, are critical for success in the insurance market.

Both executives underscored the importance of data in improving underwriting processes and combating fraud. They stressed the need for insurers to understand and utilize their extensive datasets, including unstructured data, to stay competitive and innovate effectively.