The AI-and data-empowered underwriter: 7 ways to boost commercial underwriting capabilities

Just as policyholders demand more accurate policy, coverage, and pricing information quickly and virtually, intelligent automation is helping to modernize outdated risk-assessment methods. (Credit: Who is Danny/Adobe Stock)

Imagine a streamlined commercial underwriting process free of persistent phone calls and extensive fact-finding. Imagine much less time spent searching for business and exposure details to develop an accurate quote. This can be a reality with the integration of cognitive technology, which incorporates AI tools and techniques to deliver robust data for classification and risk evaluation. Just as policyholders demand more accurate policy, coverage, and pricing information quickly and virtually, intelligent automation is helping to modernize outdated risk-assessment methods.

Increasingly, the rise of AI-empowered underwriting is a reality for broad-minded insurance organizations. By combining leading-edge technology and precise, transparent data sourcing with underwriters’ expertise, the process can become more efficient, policies can be quoted and issued faster, and the evaluation of routine risks can be further automated to boost productivity. Carriers that embrace the AI-driven transformation of underwriting are seeing significant growth.