The insurance industry as we know it started around 400 years ago with the invention of modern statistical analysis and probability theory but the history of risk management goes back to ancient times. As such, vested interests of underwriters, brokers, agents, different insurance carriers etc., each with their own ethical and financial standards, have evolved into the hodge-podge of the state of the industry today. Along comes tech revolution that disrupts everything in its way. I believe that those underwriters, brokers, agents, and carriers that put the interests of the customer first will have an advantage in the marketplace. Customers demand tech solutions to make the process of buying and servicing insurance easier and faster. Those insurance entities that adopts to customer needs will dominate in the future.
This is a really interesting and important discussion about a key topic. Insurers have to be more agile and should Not rely on old approaches. But also the insurance industry is an old and data based business. New challenges and fast changing environments, like techstandards but also climate changes forces us to overthink what we do at the Moment. I just looked at other industries and they built innovation labs for over ten years, so we are behind and have to start building it up as fast as we can. The audio quality is pretty rough sometimes in the video, which makes it hard to follow.
Complexities in underwriting and enlargening of the field of underwriters per se will evolve and compete with the evolution of AI, and as an underwriter (myself) will beat AI, not a forced optimism, but divine faith
Hilarious a bunch of businessmen/women in a room discussing the importance of tech while the audio sounds like a random tidal wave coming through every 5 minutes..
The future in underwriting is that 99% of these muppets will not have a job thanks to AI who is more efficient when doing your job. No more coffees, or expensive lunches or air miles. You will be soon be history
I think you may be very wrong! The underwriters will actually be more efficient, thanks to technology, and will be able to get more done working from home! Insurance underwriters working from home are making A TON of money right now. One can imagine that with AI software they will be able accomplish more in less time and make more money! I sort of wish you were right! I am not an insurance underwriter.
I am an insurance underwriter in commercial lines and focus now are being customer focus and partnership with the agent, we have moved more to help managing agents book of business and technology allows us to be more responsive and focus on the agents needs than just underwriting. Like the video mentioned large accounts these systems still have a hard time with, due to the complexity so you will need UW to manage systems and agents books of business
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The insurance industry as we know it started around 400 years ago with the invention of modern statistical analysis and probability theory but the history of risk management goes back to ancient times. As such, vested interests of underwriters, brokers, agents, different insurance carriers etc., each with their own ethical and financial standards, have evolved into the hodge-podge of the state of the industry today. Along comes tech revolution that disrupts everything in its way. I believe that those underwriters, brokers, agents, and carriers that put the interests of the customer first will have an advantage in the marketplace. Customers demand tech solutions to make the process of buying and servicing insurance easier and faster. Those insurance entities that adopts to customer needs will dominate in the future.
This is a really interesting and important discussion about a key topic. Insurers have to be more agile and should Not rely on old approaches. But also the insurance industry is an old and data based business. New challenges and fast changing environments, like techstandards but also climate changes forces us to overthink what we do at the Moment. I just looked at other industries and they built innovation labs for over ten years, so we are behind and have to start building it up as fast as we can.
The audio quality is pretty rough sometimes in the video, which makes it hard to follow.
I always reach out to this video before my interview.
Worth watching.
Complexities in underwriting and enlargening of the field of underwriters per se will evolve and compete with the evolution of AI, and as an underwriter (myself) will beat AI, not a forced optimism, but divine faith
Hilarious a bunch of businessmen/women in a room discussing the importance of tech while the audio sounds like a random tidal wave coming through every 5 minutes..
Interesting.
Great video but questionable audio. Thanks
The future in underwriting is that 99% of these muppets will not have a job thanks to AI who is more efficient when doing your job. No more coffees, or expensive lunches or air miles. You will be soon be history
I think you may be very wrong! The underwriters will actually be more efficient, thanks to technology, and will be able to get more done working from home! Insurance underwriters working from home are making A TON of money right now. One can imagine that with AI software they will be able accomplish more in less time and make more money! I sort of wish you were right! I am not an insurance underwriter.
I am an insurance underwriter in commercial lines and focus now are being customer focus and partnership with the agent, we have moved more to help managing agents book of business and technology allows us to be more responsive and focus on the agents needs than just underwriting. Like the video mentioned large accounts these systems still have a hard time with, due to the complexity so you will need UW to manage systems and agents books of business
Did that woman really say “ great hair”” to the black guy??? 🙄