Assessment of AI Technologies in Insurance Underwriting Practices
Situation
Our client wanted to better understand how the integration of AI and other technologies into insurance underwriting processes is influencing the industry as whole.
Objective
The objective was to assess the evolution of underwriting and the impact of AI on underwriters’ roles and services across geographies.
Our Work
10EQS assessed key challenges, investments, and enablers within insurance underwriting in both the P&C and Life sectors. 10EQS further evaluated the changes in underwriting performance due to technological and data advancements, factors driving underwriting evolution, and the decision-making process regarding implementing AI in underwriting.
Project Team
- Senior Management Consultant with extensive experience in AI and innovation in business solutions.
- Ex-McKinsey Management Consultant with extensive experience in innovation, digital business development supporting content synthesis
- 10EQS Delivery Operations (=PMO) providing quality assurance, process management and expert recruitment
- 25 industry experts
Industry experts (excerpt)
- Vice President, Executive Underwriting Officer – Leading global property and casualty insurer (US)
- Chief Underwriting & Claims Officer – International insurance company operating across several European countries (Italy)
- General Manager, Corporate Underwriting Department – Japan’s oldest and largest property and casualty insurance group (Japan)
- Head of Underwriting and Product Management – Prominent insurance, focusing primarily on Europe and Asia (Germany)
Results
The insights helped distinguish differing amounts of investment in AI and automation tools depending on whether the firm was P&C Commercial, Personal, or Life. 10EQS found that few P&C Commercial firms are actually investing in AI and other technologies while P&C Personal firms are more automated due to increased competition.
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