Nearly 90 percent of carriers currently are investing in their underwriting function or plan to do so over the next three years, according to a new Accenture survey, which pointed to new data sources, better analytic tools and more automated systems as the primary drivers of new and continued investments in underwriting technology. The majority of carriers are investing in automation, predictive modeling, data verification and collaboration tools, according to the 559 North American commercial lines, specialty lines and reinsurance underwriters polled.
The top challenge for underwriters was maintaining underwriting and pricing discipline, with 72 percent of respondents placing it in their top three challenges; high operating costs followed (55 percent), with lack of quality underwriting information (47 percent), recruiting or retaining talent (43 percent) and outdated/inflexible systems (43 percent) also acknowledged as challenges by nearly half of the respondents.
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