As the insurance consumption model evolves, insurers will need underwriting flexibility to set themselves up as risk guardians rather than risk assurers. Underwriting excellence will emerge as a catalyst to improve operational efficiencies and consumer experiences in the next normal.

A shift in insurers’ mindset calls for an avant-garde approach to investments and initiatives around underwriting transformation across strategy, data, technology, and talent. The key outcome of a successful underwriting transformation program will be a shift from a one-product-fits-all approach to a customer-centric product development culture.

In this report, we explore the changing market drivers in underwriting and the function’s potential benefits. Insurers should regard underwriting excellence as a continuous journey rather than an aspirational target state. In the near term, it will help eliminate inefficiencies and provide compelling customer experiences; in the long term, it will serve as a backbone to underwrite emerging risks and drive business growth.

Scope

Industry: insurance industry

Geography: global

Contents

This report examines:

• Insurance industry dynamics driving underwriting transformation
• The urgency to attain underwriting excellence
• Implications of the evolving insurance landscape for insurers
• Reimagining the underwriting value chain for near-term gains
• Technology’s role in elevating underwriting standards in the long term

Membership(s)

Insurance Information Technology

Sourcing and Vendor Management