At the 2023 WSIA Annual Marketplace in San Diego last month, ReSource Pro’s Fatima Dean, Director of Client Development, joined a panel of industry experts in a discussion with AM Best’s John Weber about the role of artificial intelligence (AI) in insurance underwriting.
Commenting on AI’s impact on underwriters, Fatima explained that the technology “allows underwriters’ role to evolve more to almost a sales role,” shifting their focus away from manual, administrative work and more toward building relationships and bringing in new business. Overall, she believes that future underwriters will be more responsible for books of business and profitability rather than evaluating and pricing individual risks. “In the past, underwriters have had to compile all of the data from multiple sources and comb through to figure out what it’s telling them,” said Fatima. “AI is going to do a lot of that heavy lift.”
Fatima also highlighted the opportunity for organizations to improve retention by including veteran underwriters in the AI journey. “They’re the folks that are going to be the end users of this system, so allow them to be involved in the process,” said Fatima. “Then you’ll have their buy-in.” From a talent perspective, Fatima noted that AI and other technologies have the potential to encourage young professionals to rethink their view of the insurance industry. Organizations that deploy these technologies will be much more likely to pique the interest of potential employees.
Want to know how ReSource Pro supports underwriting operations? Visit our Underwriting Assistance page to find out.