What word would you pick to describe the future of underwriting? If “adaptable” came to mind, you would be joining the majority of insurer executives in the mid/large commercial lines segment who thought the same in a recent ReSource Pro Consulting survey.
The past two years are clear evidence of how commercial lines adapted to a rapidly changing world, especially underwriting. However, another phenomenon was also occurring as insurers pushed their underwriting initiatives forward—many realized that their digital capabilities were not as far along as previously thought. Now, insurers are accelerating their plans to move their underwriting departments into the next era.
Where is Underwriting Headed?
According to ReSource Pro Consulting’s new eBook, “Middle-Market and Large Commercial Lines Underwriting Transformation: The Next Era,” 87% of insurers expect big changes to occur in underwriting within the next five years. In 2020, only 69% said the same. Moreover, change is expected to touch every aspect of underwriting, from underwriters’ roles and responsibilities to the processes and resources used. Consider that 90% of leaders think their underwriting departments will significantly differ in five years, with many believing the role will evolve to blend the human touch with AI. In contrast, one in ten executives thinks technology advancements will eventually eliminate the underwriter role.
How insurers leverage their underwriting staff to drive change internally may also impact the path forward of the underwriter career. The more than half of insurers currently tapping underwriters to contribute to innovation initiatives may see their needs for tech-savvy talent increase. At the same time, several insurers are missing opportunities to capitalize on the expertise of underwriting teams to push their organizations into a new digital era.
Find Out More in Our eBook
Learn about the current state of underwriting transformation and the path forward for the mid/large commercial lines segment by reading our eBook, “Middle-Market and Large Commercial Lines Underwriting Transformation: The Next Era.”
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