Guiewire Feb 2018 TL
Follow Us
ITA MEMBERSHIP

CORE SYSTEMS

CORE SYSTEMS

As Risk Gets More Complex, Underwriting Roles Changing

Karen Pauli | August 16, 2016

The underwriting staff for an insurance carriers has a bright future. Roles are changing, however, like almost everything in insurance. Risk is becoming significantly more complex. Cyber, environmental, and political risks, to mention a few, require new skills. Analytics are enabling the automation of a number of underwriting decisions, but human decisions are still necessary for more complex risks.

For some time, personal auto underwriting has been fully automated by many insurers. This has transitioned underwriters into the role of portfolio underwriters who manage the underwriting profile of entire books of business. Not the same role as traditional underwriting, but a challenging and interesting one.

Technology will support underwriters as insurers expand appetite for new products in a global market. Associating all of the underwriting risk variables, particularly in commercial lines, will be supported by new data sources.

Skilled underwriters will still need to collaborate with customers and distributors to appropriately manage risk. Analytics will support decisions and provide deeper insight into risk, but it takes a smart underwriter to bring accounts together profitably.

 

 


Featured articles

MT 4 10 2018 Large RHS

Hyland RHS 9 7 2018

ELECTRONIC CHAT

The Email Chat is a regular feature of the ITA Pro magazine and website. We send a series of questions to an insurance IT leader in search of thought-provoking responses on important issues facing the insurance industry.

WEB EVENTS

ITA is pleased to present the 2014 Webinar Series. We have many topics for you to choose from and attendance is open to all ITA members. The webinar topics are current and exciting — ranging from predictive analytics to telematics and will focus on the direction insurance carriers need to follow for the future. All webinars are presented by insurance IT professionals along with some of the leading analysts and consultants in the field. There is no cost to attend an ITA webinar. For more information and to register for the webinar, click the “title” of the webinar below.

BLOGS AND COLUMNS

only online

Only Online Archive

ITA Pro Buyers' Guide

Vendor Views

Partner News