Explore the future of AI-powered risk assessment in commercial underwriting with NeuralMetrics’ CTO, Sathish Kumar Manimuthu. Discover how AI is revolutionizing risk assessment and enabling underwriters to focus on complex risks.
The digital revolution in commercial underwriting is gaining momentum, challenging traditional manual processes and outdated systems. In this next generation of underwriting, human expertise merges seamlessly with data and automation, delivering faster and more precise underwriting decisions to meet the evolving demands of commercial risk assessment.
Q: What is the overall impact of modern technology on commercial underwriting?
SM: Commercial underwriting used to be labor-intensive, especially for small and medium businesses, requiring a comprehensive risk assessment. Underwriters sought a nearly 360-degree view of insurable businesses, involving time-consuming manual research on factors like location, property conditions, business operations, and more. Now, with just a business name and email address, technology grants underwriters access to extensive layers of risk information within seconds.
AI-driven technology also provides risk inferences, which underwriters can validate. At NeuralMetrics, we ensure full transparency regarding the data sources that underpin risk assessments. Underwriters can review assessment questions and, if necessary, investigate data sources to confirm their suitability.
Q: Does transparent data sourcing enhance underwriter expertise and the efficiency of technology?
SM: Absolutely. AI technology empowers underwriters to focus their attention where it’s most needed—assessing complex risks. Data transparency instills confidence in the accuracy and reliability of data for assessing a wide range of commercial accounts. For businesses with standard risk factors, AI-driven data access and transparent sourcing can facilitate straight-through processing.
The downstream impact is that underwriters gain time and flexibility to concentrate on the intricate aspects of their portfolios. AI technology can gather verifiable information, while underwriters leverage their expertise to determine nuances and pricing parameters for multifaceted commercial and specialty risk profiles.