For years, insurers poured resources into modernizing consumer interfaces and touting their improvements. Meanwhile, underwriting remained largely untouched.
Executive Summary
Behind the scenes, a new underwriting model is taking shape—faster, smarter and more human than before, according to principals of SSA & Company's Financial Services Practice.It was slow, stable and resistant to evolving. The lack of change was probably a source of comfort to tech-wary executives. A submission would come in. Requirements would be exchanged. Eventually, a quote would follow. The system wasn’t broken. Perhaps healthy margins were counterproductive, dulling any urgency to modernize underwriting and forcing leadership to ask: Why fix what isn’t broken?
