4299 Altus Insurance Whitepaper FINAL SPREAD - Flipbook - Page 9
Chapter 1: Underwriting doesn’t
need to transform, it needs to be
optimised
The underwriting function has always evolved to respond to the changing risk
landscape. Historically, these demands have been met by taking a rear-view
mirror approach to predicting risk and using multiple, manual data points to
form an underwriting opinion.
While historically successful, this approach simply
cannot meet the client expectations of today or
manage the dynamic nature of emerging risks. What
is required is an approach that provides far greater
access to data and relevant risk attributes in real time,
but this requires a shi昀琀 in attitude and approach at a
personal and organisational level.
That shi昀琀, we believe, starts with underwriting
but focusing all attentions here will not deliver a
transformational result. It may be the engine of the
business, but as in a train, that engine is useless
without the cab to house it, the rails to run it on and a
昀椀nal destination to reach.
Operating model introducing the underwriting pillars
Strategy
Determines
Business Layer
Products & Brands
What you sell
Customers
Who you sell to
Channels
Which sales channels
Informs
UNDERWRITING
ASSESSMENT
PRICING
EXPOSURE
Supports
Operating Layer
People & Partners
Who does what
Capability
What we do
Technology
What tools support this
Location
What happens where
Process
How we do it
Data & Governance
How we assure
Figure 1.1: Altus Consulting Operating Model Framework
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