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Stay in the know with the latest analyses and perspectives from Insurance Quantified on underwriting talent, technology and the insurance landscape.
In an industry that’s so often immersed in day-to-day priorities – getting through overflowing submission inboxes, writing that big piece of business, getting to the next phase of a technology integration – chances to take stock of the larger insurance landscape can be few and far between. With the year winding down, we at Insurance Quantified, together with our advisors, are taking this opportunity to share our insights on some of the most important trends shaping the industry today – and how they will affect insurance businesses in the future.
We firmly believe that humans have a key role to play in the underwriting workflow – but submission ingestion is one area where that role can be greatly reduced. By leveraging a variety of AI techniques, insurers can automate much of the initial extraction, enabling insurance professionals to go beyond that first step and serve as quality control artists as opposed to data entry specialists. By turning a slow, variable process into a fast, accurate one, these organizations can increase productivity and ensure all downstream decisions are based on accurate data, giving them a trustworthy source of business intelligence.
Insurance is a complex business. This shouldn’t be news to anyone operating in this industry, but it also shouldn’t be shocking to anyone who has ever had to purchase insurance. As with any complex system, insurance companies have developed processes and guidelines that enable them to operate consistently across different offices, regions and often national borders. And just like any complex system with longstanding processes and ways of executing, these same concepts that enable companies to operate effectively can also become shackles when external or internal forces demand change and adaptation.  
Last month, Insurance Quantified hosted a panel at ITC Vegas, the world’s largest gathering of insurance innovation. Our Vice President of Groundspeed Product Management, Suman Palit, moderated “The Holy Grail for Commercial Underwriting: Fast, Accurate Data”, featuring expert insurers David Mocklow (EVP of Strategy & Transformation at MSIG North America) and Ryan Cole (Vice President, Head of Group Innovation at Everest). David and Ryan, together with Suman, led a compelling discussion on how commercial underwriting teams can harness technology to redefine industry standards and expectations for data speed and quality.
Technology has modernized a number of industries – but insurance underwriting stands out as an area that has remained relatively underserved by technology, still largely taking place between the inbox and Excel. But this doesn’t have to be the case. Recent years have seen the rise of modern tools that incorporate AI and machine learning methodologies to expand opportunities for underwriting. 

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