Underwriting has always been the heart of the insurance industry. It is a process that enables underwriters to evaluate the level of risk involved in providing insurance to a person, home, car or anything valuable. Conventionally, underwriting has been a back-office work, but with the changing tradition, it is now shifting to being a front-office function. The role of underwriters has also changed with time. Unlike earlier when they had to depend on the information provided by the applicant, they are now using ML to estimate the risks that come with the information given.
Not only this, but insurance industry underwriters are also leveraging advanced technologies, like AI and predictive analytics to detect fraud and transform data into valuable insights for better decision making and to gain a remarkable edge in the market. Though these transformations indicate that the next generation of underwriting is here, underwriters still need to keep an eye out for the changes and look for solutions that help them in stay ahead of the competition.
As technology has become a fundamental part of the underwriting process in the insurance industry, vendors have bombarded the market with advanced solutions claiming to offer the best. To help insurance organizations choose the right underwriting solution, a distinguished panel comprising of CFOs, CIOs, analysts and the Insurance CIO Outlook editorial board has reviewed companies and shortlisted the ones that are at the forefront of providing cutting-edge technology solutions. The listing provides a look into how these solutions are put into use so that you can gain a comprehensive understanding of how they will optimize business processes.
Insurance CIO Outlook presents to you “Top 10 Underwriting Solution Providers - 2018.”
