Automation can unlock greater efficiency
Underwriting will be transformed by AI with a large amount of the work becoming automated in the next three years, driving efficiency and profitability, delegates heard at the Intelligent Automation event in London today (Tuesday May 21).
This was the vision of Richard Hartley, CEO of Cytora, who said this change would allow clients to get a well priced risk. However, he stressed that the term AI needs to be understood better, in that people need to understand just what AI can provide.
Speaking at a session called ‘Unlock Superior Underwriting Performance With Artificial Intelligence,’ sponsored by Cytora, Hartley claimed that the future of underwriting could be described as 'effortlessly quoting the right customers at the right price relative to the risk with minimal expense'.
He pointed out that underwriters hate repetition and laborious data retrieval – AI can help there and let underwriters spend their time more productively, he said.
The Cytora platform is powered by AI and uses billions of data points to learn the patterns of different risk profiles over time.
But Hartley said that automation will be a punctuated process and that the level of automation in individual companies will be different depending on the nature of the company and the types of risk that they cover.
Intelligent Automation, Cytora, Technology, Artificial technology, Richard Hartley, Automation, Insurance, Reinsurance, London, UK