AI is the transformative technology for underwriting

Efficient processes and effective human decisions are critical. Insurers today need AI to help manage the volume and complexity of the data required for underwriting

AI is revolutionizing underwriting by automating tasks and enhancing decision-making, allowing for faster, more efficient processing and better risk assessment.

2x

improvement in submission-to-quote rates with solutions powered by generative AI to augment the work of underwriters

How AI is changing underwriting

Human + AI underwriters wanted

The insurance industry faces increasing underwriting challenges. An aging workforce and stiff competition for young, tech-savvy workers are creating a growing talent gap. Meanwhile, customer expectations for speedy sales and service, coupled with a surge in underwriting submissions, have many insurers struggling to keep pace. AI and generative AI can serve as supplementary talent for insurers.

In an increasingly competitive insurance market, AI and generative AI can help insurers win more business and drive value by boosting underwriting efficiency.

100%

is the potential of submission processing capacity carriers have with generative AI

AI and generative AI enable automation and task augmentation that help underwriters handle more tasks, work more efficiently and reach better decisions faster.

40%

of the average underwriter’s time is spent on administrative and other non-core tasks

Disciplined replication and re-use are critical to scaling generative AI across the underwriting function. Consider which products may be able to use the same UI/UX for generative AI implementations.

What you’ll achieve

Reduce workloads

An intelligent ingestion solution can extract key data from emailed submission documents and use to populate a user-friendly dashboard for the underwriter.

Increase revenue

AI and generative AI can help underwriters identify and follow up on more submissions that match the carrier’s risk appetite and work with customers on risk mitigation strategies.

What’s trending in insurance underwriting

Research Report

Illuminating insurance innovation | Analyzing 8 years of Qorus Innovation Awards

Innovation is critical to success in the insurance industry. Our study reveals where insurers are focusing their innovation efforts, the payback they see and the challenges they face.

Expand

Research Report

Insurance Consumer Study: See the people behind the policies

Three ways insurers can build relevance with consumers and grow.

Expand

Research Report

Fuel the future of insurance through technology

Accenture’s research reveals how technology modernization can drive cost transformation for insurance companies.

Expand

Research Report

Transforming claims and underwriting with AI

Accenture conducted 3 surveys to identify key areas where AI can be implemented to improve customer satisfaction and increase employee productivity.

Expand

Accelerate your journey

Accenture Cognitive Insurance Platform

Through the power of AI and generative AI, drive compressed business transformation across the insurance value chain with a portfolio of solutions and accelerators developed by industry and data science experts.

Learn more

Accenture Life Insurance & Annuity Platform (ALIP)

Unlock value across the customer journey from new business to post-policy service. Let ALIP help drive your Life & Annuity business forward with rich functionality and advanced evergreen technology.

Learn more