Here’s something we typically hear from frustrated underwriting managers:
Executive SummaryArtificial intelligence can affordably help carriers write more and better business right now, asserts Dan Epstein, the CEO of ReSource Pro. Here, Epstein makes the business case for getting on board the AI train and tackles the obstacles of fear, uncertainty and doubt that lead carriers to resist changes that could enhance the success of their underwriters in writing accounts with the right submissions without disturbing the underwriter autonomy that pumps the lifeblood through the system.
• “We bind around 12 percent of our submissions, but our underwriters review 100 percent of submissions.”
• “A 1-2 percent increase in our submission-to-bind ratio would be a game changer.”
Could a business case be made for deploying artificial intelligence (AI) to crack these chronic issues? We think it can.
The thing about changes in technology is they seem to come slowly at first, then all at once.
It’s tempting to be intoxicated by technology. Its promises are attractive, seemingly on the cusp of fulfilment yet also just beyond reach. Then at some point, you look around and see that the world as you once knew it has changed.