The future of underwriting: How data and technology are making insurance smarter

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By Arti Mulik, Chief Technical Officer, Universal Sompo General Insurance

As advanced data analytics and digital technologies simplify complex underwriting workflows, the general insurance industry is moving towards adopting machine-first underwriting models that will slash process lead times even further

From manual underwriting processes that rely on historical risk pooling, general insurers are increasingly moving towards real time & predictive risk assessment. This shift has been made possible by Big Data, telematics, IoT and advanced digital technologies; replacing legacy technologies and fragmented workflows with automated underwriting models that are governed by expert underwriters.

As insurers ramp up technology adoption and fundamentally rewire their underwriting workflows, insurance related decision making is expected to get faster, more accurate and smarter, in turn benefitting all stakeholders in the Indian insurance ecosystem.

Real-time decisions that are governed by humans
At the crux of this tectonic change lies artificial intelligence (AI) wherein routine tasks associated...

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