Digitizing how risk flows: the future of commercial insurance - The Future of Underwriting
In this panel, industry leaders discussed elevating commercial insurance through Al-powered digital underwriting workflows, showcasing real-life case studies. They highlighted rapid transformations that unlock benefits within months, not years, through digitized risk processes. Additionally, they provided insights into the progress made by insurers, the challenges they encounter, and a playbook for accelerating Al-assisted underwriting.
- Zaheer Hooda, Head of North America, Cytora
- Meghan Hannes, Chief Underwriting and Claims Officer, K2 Cyber
- Charles Clarke, Group Vice President, Guidewire Analytics Sales & Advisory
- Nigel Walsh, Managing Director, Head of Global Insurance, Google Cloud
- Hosted by Matthew Grant, CEO, InsTech
- The insurance industry is undergoing a significant transformation driven by artificial intelligence (AI). There is a lot of discussion and excitement about the potential of AI to improve many aspects of insurance, but there is also some disappointment that insurers are not moving faster to adopt these new technologies.
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"It’s like it should be thinking about use cases yes but also it’s just a fundamental new tool to think about how we do everything that we do both the things that we do today and the things that we might think about doing differently."
Charles Clarke, Guidewire
- One of the key challenges facing insurers is how to integrate AI into their existing workflows. Many insurers have legacy systems that are not designed to work with AI, and there is a concern that AI could disrupt the underwriting process in a negative way.
- However, there are also many potential benefits to using AI in insurance. For example, AI can be used to automate tasks such as data entry and claims processing, which can free up underwriters to focus on more complex tasks. AI can also be used to improve underwriting decisions by providing underwriters with more data and insights.
- One of the most promising applications of AI in insurance is in the area of cyber insurance. Cyber insurance is a relatively new type of insurance that is designed to protect businesses from cyberattacks. AI can be used to help insurers assess the risk of cyberattacks and to develop more effective cyber insurance products.
- Overall, the future of commercial insurance is likely to be shaped by AI. AI has the potential to make insurance more efficient, accurate, and affordable. However, there are also some challenges that need to be addressed before AI can be fully integrated into the insurance industry.
https://youtu.be/vdMLY_XQcpc?si=NDmST6obXDtdl1nM
