Insurance companies are finding that their own AI capabilities are a factor in retaining and attracting underwriting talent, according to
Most executives, 77%, are concerned that underwriters may leave for competitors with stronger AI strategies or tools. Seventy-two percent of underwriters say a structured AI strategy and tools would matter to them when considering a new role.
When hiring underwriting talent, most leaders prioritize underwriters who are comfortable with data and AI tools, according to 70% of survey respondents.
The organization surveyed 543 underwriters and underwriting executives across the U.S. and Europe, who are actively using or piloting AI, about how AI is impacting underwriting workflows, decisionmaking and talent strategies. Every underwriting leader surveyed responded that AI has made their teams faster, better or both, and 94% of underwriters said the same.
"It might surprise the industry to hear how excited underwriters are about AI, but it's what we're hearing from our customers everyday," said Alex Schmelkin, founder and CEO of Sixfold. "They've moved past ingestion engines and basic triage support. What they want is AI that aligns with how they actually think about risk and can take on some of their work. The insurers ready to put that into production will outpace their competitors."
Many organizations, 71%, say they regularly use AI in their underwriting workflows, and 29% of organizations are still piloting AI. Of the underwriters surveyed, 69% say that their current organization's approach to AI has made them more likely to stay and nearly 80% report feeling fully prepared for where the future of underwriting is heading.
"Not long ago when we spoke with underwriting leaders, they were concerned about how their underwriters would react to AI entering their workflow. Now the conversation has completely turned. Leaders tell us they're worried about losing their best underwriters to competitors with stronger AI capabilities," said Jane Tran, co-founder and COO of Sixfold. "Underwriters are saying the same thing; where and how a company invests in AI genuinely affects whether they stay or go. Many organizations haven't fully woken up to that yet, but their AI strategy is their retention strategy."
Nearly every leader surveyed, 99%, said that they feel more excited about the future of the insurance industry thanks to AI technology, and 86% of underwriters agree. According to the report, about 90% would recommend underwriting as a career.
