How Technology Can Drive an Enhanced Underwriting Journey
Underwriting as an engine of market growth
The UK has a vast protection gap. A number measured not in millions or hundreds of millions, but running to billions of pounds. The number is so big it is hard to comprehend, hard to envisage how we can work together to reduce it. But if we all want to reduce this gap and protect more people's financial futures we must tackle the flaws in the current protection buying process. Underwriting is central to this.
This whitepaper highlights the risks and explores the opportunities providers need to be aware of when assessing their current underwriting process and proposition. We view these processes unashamedly through the lens of technology. As tech evangelists with a unique perspective on the entire protection market, we have the breadth, experience and data to understand impacts and potential in a way that others don’t.
We surveyed our adviser portal users & interviewed an expert underwriter
We unlock valuable insights and opinions of the people who matter. First, the advisers who recommend protection, who’s voices could be more important? Second, technical expertise recommended across the industry. With over 20 years of underwriting experience, Andrew Wibberley, Director at Alea Risk, shares his views on this subject.
Andrew Wibberley, Director | Alea Risk
Do you foresee providers using AI in their underwriting journey in the future?
"Inevitably yes but not in the seismic or overarching way some articles would have you believe. Life insurance has two particularly high barriers to innovation:
1) Ethics and regulation around personal medical data means that insurers are rightly nervous about sharing this data or making judgements based upon it.
2) The commercial reality that small price changes make big differences in market share means that to succeed any innovation needs to give certainty that risk will be managed as well as (or better than) the traditional process."
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