4299 Altus Insurance Whitepaper FINAL SPREAD - Flipbook - Page 13
Making a mindset shi昀琀 to achieve
modernisation
Modernisation enables underwriters to assess risk
in real time by combining four key data attributes:
• historic information
• predictive information
• real time exposure & pricing assessment
• comparable ‘on risk’ policies
This represents underwriting at its optimum, with
every perspective imaginable at the underwriter’s
昀椀ngertips.
In the process of modernising the
organisation, it is vital that the role of
humans and their skillsets is kept front
and centre.
In the process of modernising the organisation,
it is vital that the role of humans and their skillsets
is kept front and centre.
No matter how advanced it is, technology is only as
good as the humans who manage it, so the training
and development of people has to be undertaken in
tandem with any technology implementation.
Modernisation is a process rather than a technology
play and even in the most digitally optimised
business, humans remain a key component of
any process. They need to be engaged in the
modernisation of the business, understand what is
happening, what it will do, and most importantly,
what role they will play in maximising the bene昀椀t of
any technology and tools brought in.
The correct mindset is vital to creating a truly modern
organisation, ensuring the whole business is on the
same path of continual improvement, a concept we
explore in the next chapter.
Starting a modernisation journey can end up transforming underwriting
Element
Start modernising
End transformative
Scope
De昀椀ne all processes clearly
Reimagine existing processes
Role of the underwriter
Removing routine tasks and
manual checks and balances
Focusing on oversight,
unlocking new product
opportunities or on perceived
unwanted risks
Data
Incorporating external data
sources to augment risk
assessments
Dynamic and real time data
assessments, delivering
capability to personalise risk
assessment
Customer Experience
Improve speed of assessment
and response times
Create personalised
propositions and value added
services
Pricing
Responsive but dynamic rating
Predictive and adaptive rating
to respond to multiple data
points
Regulation & Compliance
Better reporting and regulation
adherence
Integrating compliance into
predictive models
Technology
Adoption of digital inputs and
analytics
AI driven underwriting models
(supervised by more informed
underwriters)
Figure 1.4: Underwriting Modernisation to Transformation
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