AI-driven Insurance Underwriting Transformation

Assessment of AI Technologies in Insurance Underwriting Practices

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Situation

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Our client wanted to better understand how the integration of AI and other technologies into insurance underwriting processes is influencing the industry as whole.

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Objective

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The objective was to assess the evolution of underwriting and the impact of AI on underwriters' roles and services across geographies.

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Our Work

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10EQS assessed key challenges, investments, and enablers within insurance underwriting in both the P&C and Life sectors. 10EQS further evaluated the changes in underwriting performance due to technological and data advancements, factors driving underwriting evolution, and the decision-making process regarding implementing AI in underwriting.

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Project Team

• Senior Management Consultant with extensive experience in AI and innovation in business solutions.
• Ex-McKinsey Management Consultant with extensive experience in innovation, digital business development supporting content synthesis
• 10EQS Delivery Operations (=PMO) providing quality assurance, process management and expert recruitment
• 25 industry experts

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Industry experts (excerpt)

• Vice President, Executive Underwriting Officer - Leading global property and casualty insurer (US)
• Chief Underwriting & Claims Officer - International insurance company operating across several European countries (Italy)
• General Manager, Corporate Underwriting Department - Japan's oldest and largest property and casualty insurance group (Japan)
• Head of Underwriting and Product Management - Prominent insurance, focusing primarily on Europe and Asia (Germany)

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Results

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The insights helped distinguish differing amounts of investment in AI and automation tools depending on whether the firm was P&C Commercial, Personal, or Life. 10EQS found that few P&C Commercial firms are actually investing in AI and other technologies while P&C Personal firms are more automated due to increased competition.