Insurers urged to turn risk insight thinking on its head to profit from AI

04-12-2020

Insurers urged to turn risk insight thinking on its head to profit from AI

Implementing ‘a cultural shift’ is the biggest challenge for AI insurance projects, says Intellect SEEC.

Insurers need to take a different approach to the way they look at underwriting to get the most out of new technology, according to Laila Beane, chief customer officer and head of consulting at Intellect SEEC.

Beane said: “Given that insurers have been very linear in their way of thinking, there's a lot of manual touchpoints and therefore there are a lot of costs upfront for every broker submission. “There are not many risk insights except from the underwriters, who have some traditional sources that are paid [for] which they get information from. Underwriters also use Google search and have historical insights.”

She explained that her company wants to flip that thinking on its head, as she gave a presentation, titled ‘An AI-Powered, Data-First Approach To A Quicker, Better And More Profitable Portfolio’, at Intelligent Insurer’s Underwriting Innovation USA virtual event.


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