How Underwriters Can Use Data to Gain Competitive Advantage

The phrases “data is the new gold” or “data is the new oil” indicate data has become a commodity in the insurance industry, but how can insurers harness their data to make processes faster and more efficient?

Executive Summary

Three experts spoke at Carrier Management's May 2023 InsurTech Summit about how insurance underwriters can use data to find their niche and exercise a competitive advantage in a fast-paced environment. They said unlocking the value of data in underwriting goes beyond simple data collection and means underwriters need to develop a system for organizing and using their data to introduce new efficiencies. They warned against the dangers of collecting too much data, and explored the uses for AI in helping insurers sort data faster and free themselves up for more complex tasks. Ultimately, they said, underwriters that use data well are the ones that will stand out in the future.

Three experts spoke at Carrier Management’s May 2023 InsurTech Summit about how insurance underwriters can use data to find their niche and exercise a competitive advantage in a fast-paced environment. They said unlocking the value of data in underwriting goes beyond simple data collection and means underwriters need to develop a system for organizing and using their data to introduce new efficiencies. They warned against the dangers of collecting too much data, and explored the uses for AI in helping insurers sort data faster and free themselves up for more complex tasks. Ultimately, they said, underwriters that use data well are the ones that will stand out in the future.

During Carrier Management’s fourth annual InsurTech Summit earlier this month, a panel of three experts shared their perspectives on how data will continue shaping the insurance underwriting process.