In a roundtable discussion, NeuralMetrics experts discuss the value of the latest technology in underwriting, and how AI supports the enrichment of underwriting capabilities while enhancing the policyholder experience.
NeuralMetrics’ experts, including CTO Sathish Kumar Manimuthu, Chief Underwriting Officer Chris Schrenk, and Senior Product Manager Neha Yadav look into the transformative power of cognitive technologies in commercial risk assessment. In a roundtable discussion, they explore how AI is benefiting underwriters and policyholders.
Q: What value does the latest generation of technology bring to underwriting?
SM: Insurance organizations are recognizing the need to embrace digitization in commercial underwriting, replacing outdated manual processes with advanced technology. AI and machine learning, including large-language models, are at the forefront, combining human expertise, data, and automation for faster and more accurate risk evaluation. Leveraging these technologies, insurers can transform diverse data sources into actionable insights to facilitate precise risk assessment, policy pricing, and quoting.
NY: Insurance organizations are streamlining underwriting processes, enhancing data accuracy and transparency, and focusing on providing a superior experience for agents and policyholders. Intelligent technology plays a crucial role in quickly assessing extensive layers of risk information, simplifying the data-gathering process for underwriters.
Q: What modern technologies can enrich underwriting capabilities and deliver a superior policyholder experience?
SM: NeuralMetrics utilizes advanced technologies like artificial intelligence, natural language processing, vectors, computational graphs, and other cutting-edge tools to extract reliable risk insights from small data. By curating and organizing publicly available structured and unstructured data, we create meaningful connections to deliver real-time actionable intelligence for underwriters. Our AI-powered data engines strengthen industry classification, identify risk attributes, and support informed decisions.
CS: Insurers need comprehensive underwriting systems and contextual data to evaluate commercial businesses efficiently. Centralizing all necessary data in one location allows underwriters to make informed decisions without accessing multiple systems or searching the internet. Consolidating data streamlines decision-making, improving overall efficiency.
Insurers should work with technology and data partners offering flexible, responsive platforms that accommodate evolving data requirements. These platforms should provide transparency into data sources and be easily customizable to accommodate new classification and exposure questions. Seamless communication among insurer systems and data platforms is vital to enhance the policyholder experience and reduce inefficiencies.
In the commercial business sector, policyholders often need to provide the same information multiple times within the same policy period, highlighting the importance of streamlined communication and data accessibility.
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