A survey of 800 underwriters has revealed that technology not properly utilized may actually increase underwriter workloads, and that even where technology is functioning effectively, it may be supporting outmoded underwriting practices.
New York-based Accenture said it worked with the Chartered Property Casualty Underwriters (CPCU) Society in surveying underwriters representing some 300 different carriers. The study sought to identify critical underwriting trends and issues and to assess technology's impact on underwriters' ability to perform more efficiently and effectively.
According to Accenture, the findings add up to an industry that is "underprepared" to respond to evolving market conditions. Applying technology to key areas of underwriting, however, would bring "the discipline needed to sustain the alignment of pricing, terms and exposures, even under the pressure to grow."
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