A panel at ITC Vegas 2023, titled ‘Tomorrow’s Underwriter — Building Trust in AI, Generative and Beyond,’ explored the future impact of AI on underwriting. The session, moderated by Will Ross of Federato, featured industry leaders like Deborah Smallwood and Nigel Walsh, who discussed AI’s role in enhancing predictive capabilities in insurance.
They introduced the concept of a ’winnability score,’ an AI-generated metric predicting the likelihood of underwriting submissions being accepted. This innovative approach aims to optimize underwriters’ efficiency and shift focus towards more likely successful risks. The panel also delved into how AI can aid in segmenting and optimizing insurance processes, with GenAI being a crucial tool for process improvement. AI’s ability to remember prior decisions aids in training new underwriters, reducing errors, and accelerating the learning curve. As Insurtech partnerships grow, the integration of AI in insurance workflows is becoming more pronounced.
The panel highlighted the inevitability of AI in the insurance industry, underscoring the widening gap between firms that effectively utilize AI and those that do not. The key takeaway was the industry’s need to embrace AI not just as a technological tool, but as a means to drive better outcomes for policyholders and society.