Insurers are making substantial investments in underwriting technology, but the carriers must ensure that they are not just adding tools to the process and that the solutions actually improve efficiency, according to a recent survey and report by Accenture.
The Accenture online survey of 559 insurance underwriters in North America found that the majority of carriers are investing in automation, predictive modeling, data verification and collaboration tools.
Specifically, 57 percent of respondents say they will invest in increased use of process automation over the next three years, 51 percent say they will invest in increased use of predictive models for risk evaluation and pricing, 51 percent say increased use of external data to evaluate risks and 49 percent say improved collaboration tools for team underwriting and broker interaction.
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