What is the future for underwriting? Insurance experts discuss

We'll be closer to our customers but does our workforce have the right skills?" Digital transformation has (finally!) arrived for insurance, shifting the industry focus from covering risks to preventing them. This panel discussion, from the Swiss Re Institute conference Shaping modern underwriting, www.swissre.com/institute/con... looks at the impact of technology on the current state of the industry, setting the scene for future digital developments. Find out more about the next generation of underwriting at the Swiss Re Institute www.swissre.com/institute/res...
The welcome is by Simon Welton, Market Head P&C UK & Ireland, Swiss Re UK
Panel moderated by Victoria Fritz, Conference Chairwoman, News presenter, BBC World News
Luca Marighetti, Group Head Tech Transformation, Swiss Re Group
Jacqueline McNamee, Founder and CEO, C-Quence Insurance Solutions Limited
Hayley Robinson, Chief Underwriting Officer, Zurich Insurance plc
Eric Schuh, Global Head P&C Solutions, Swiss Re Group
Swiss Re
The Swiss Re Group is one of the world’s leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk - from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.

[@premrajkumar7289]

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.

[@nb.3633]

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.

[@lightlamp333]

I always reach out to this video before my interview. Worth watching.

[@betterself679]

Great video but questionable audio. Thanks

[@chitrajjuwaheer4001]

Interesting.

[@ImMobile2014]

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..

[@talkttalk2010]

Did that woman really say “ great hair”” to the black guy??? 🙄

[@santiabascal7331]

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

[@sdoken]

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.

[@reggworld7338]

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