Jeff Canfield Discusses AI’s Role in Ascot’s Underwriting Strategy

At RISKWORLD 2024, Jeff Canfield, EVP and head of U.S. casualty at Ascot, shared insights on AI’s transformative potential in underwriting. Ascot receives around 40,000 submissions annually, and AI helps streamline the initial screening process. By leveraging internal and external data, Ascot prioritizes high-potential deals, allowing underwriters to focus on the most promising opportunities.

Canfield emphasized the importance of combining AI tools with human judgment, cautioning against overreliance on technology. He highlighted Ascot’s proactive approach to understanding emerging trends and technologies, ensuring their relevance in underwriting specialty risks. Ascot’s tech-centric, client-centric, and risk-centric strategies differentiate them in the market.

The discussion also covered the current state of the casualty insurance market, noting a shift towards smaller capacity blocks and a potential re-hardening of the excess casualty market due to factors like nuclear verdicts. Ascot aims to stay ahead of rate trends, maintaining sustainable limits in a challenging environment.