The transformation of pricing and underwriting in insurance

The transformation of pricing and underwriting in insurance

Successful pricing and underwriting transformation mandates not just a vivid vision but the sustained momentum to actualise it. This transformation isn’t a one-size-fits-all approach; it varies for each business. Yet, the goal remains consistent: refining the process of assessing and insuring risk.

The symbiotic relationship between pricing actuaries and underwriters is undeniable. Both are instrumental in achieving a singular end – optimising underwriting risk. And as the business world evolves, so does the need to recalibrate their approach.

But what tools do companies have at their disposal to elevate their underwriting processes? The answer lies in harnessing the power of their data assets. This, combined with effective workflows, is pivotal for making informed risk decisions and ensuring an unparalleled combined ratio.

It’s a simple equation: insurers that arm themselves with robust pricing and underwriting frameworks stand a better chance when market dynamics shift. The concept of “augmented underwriting” opens a new dimension, complemented by systematic data capture and an amplified portfolio strategy. The only prerequisites? Visionary leadership.

In the latest episode of Hyperexponential’s podcast series, TEC Talks, TEC invited James Anderson, a partner at EY, to shed light on this transformation. He touched upon the pressing need for change, the vast opportunities awaiting those willing to adapt, and the hurdles that come with such a journey.

Listen to the podcast here.

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