The insurance industry is on the verge of the next phase of modernisation, with underwriting at the heart of this evolution. Traditionally a paper first, manually intensive process, underwriting has long struggled with inefficiencies across the insurance lifecycle. With underwriters estimated to spend 50-70% of their time on manual and multiple system data entry, document review and data collection, rather than core risk analysis, there is a clear opportunity to improve the beating heart of the insurance business.
This paper explores how modern underwriting practices across the insurance market can address the challenges of the future, offering practical insights on leveraging technology, understanding core capabilities and building new processes, to not only enhance operational efficiency but also deliver more accurate, tailored risk solutions in an increasingly complex risk environment.