Artificial Intelligence - May 26 2020
According to a recent poll we conducted, underwriters are spending 35 to 50% of their time on core processing with only 25% of their time spent on selling and broker engagement. This equates to underwriters spending half of their working day on tasks like manual policy checking, re-keying data into multiple systems, and reading submissions, rather than on strategic judgment work or nurturing broker and customer relationships.
In a data-rich industry like insurance – probably one of the most data intense industries in the world – 80% of the data is trapped in data lakes or silos across disparate systems, resulting in issues relating to data cleanliness, data hygiene, data degradation and data mismatched across different datasets.
Artificial Intelligence (AI) has the ability to help remedy data issues by taking unstructured data that is stored in a data lake or some type of repository and creating a structured output that allows underwriters and underwriting administrators to have greater access to data (like never before) to make informed decisions and better risk selections.