Commercial insurers often face a capacity problem when underwriters lack the bandwidth to focus on expanding books of business. Autonomous AI agents can provide underwriting support, allowing insurers to grow their portfolios efficiently.
NeuralMetrics has recently introduced its new autonomous AI agents, which are adaptable assistants trained to fulfill specific roles. These virtual AI agents can assume a variety of underwriter knowledge worker personas, but they are not meant to replace underwriters. Instead, they are designed to support and empower underwriters in performing their strategic roles.
Featuring the ability to learn and reason, AI agents can perform a range of tasks within the quote-to-policy issuance process, freeing underwriters to focus on more strategic aspects of their work. For example, they can scan volumes of data to make and refine risk assessment inferences and alert underwriting teams about in or out-of-appetite risk selection. To save time and effort, underwriters may first set up AI agents to work on portfolio management, as auditing a book of business is typically a structured activity.
The heavily regulated workflows of premium audits are another area that could benefit from autonomous and self-learning AI agents. The AI agents can be trained to take on more complex tasks, such as drawing inferences between data points and making correlations from real-time data inputs to help with in-appetite risk selection.
However, autonomous AI agents are not inherently a silver bullet. Preparing them to perform tasks accurately is critical. Think of AI agents as highly competent underwriting interns, with immense potential and capacities to be trained and fine-tuned for the consistent fulfillment of assignments — ranging from repetitive risk data analysis tasks to supporting complex underwriting processes.
With the help of virtual AI assistants, commercial insurers can alleviate their capacity challenge and boost underwriting proficiency. While AI agents can certainly transform workflows, the technology must be driven by underwriting guidelines and empowered through the expertise and experiences of underwriters who fully understand the nuances of risk assessment.