The Future of Underwriting: Developing Exponential Underwriter Personas
Technology trailblazer, data pioneer, deal-maker, portfolio optimizer, and risk detective – these are the five personas that future underwriters in the insurance industry are expected to embody. As the industry continues to evolve with advancements in technology and data analytics, the role of underwriters is also undergoing a transformation.
Exponential underwriters are at the forefront of managing the digital workflow, owning and supervising automation programs to optimize performance and improve operational efficiency. With the emergence of no-code/low-code development platforms, underwriters are becoming more involved in the software development process, reducing time to market and cost.
Data pioneer underwriters collaborate closely with data scientists to design and implement analytic and predictive models, improving underwriting and pricing accuracy. They also scout for new datasets to refine models in a cost-effective manner and engage with regulators to ensure transparency and compliance.
Deal-maker underwriters partner with sales teams to explain underwriting decisions, negotiate terms, and develop go-to-market strategies. They play a crucial role in cross- and up-selling activities, enhancing customer relationships and driving sales growth.
Portfolio optimizer underwriters focus on developing market intelligence to make rapid changes in risk portfolios in response to market trends, ultimately boosting profitability. They also help develop modular products and enhance product sophistication to gain a competitive edge.
Risk detective underwriters assess exposure probabilities in exceptional and complex situations, developing deep business understanding and exemplary communication skills. They provide exposure foresight to clients and mentor new underwriters to develop investigative skills.
The right mix of exponential underwriter personas depends on the unique needs of each insurer, driven by factors such as lines of business, customer composition, distribution channels, and market strategies. Insurers should focus on recruiting and upskilling their workforce to cultivate the skills needed to excel in each persona, ensuring they are prepared for the future of underwriting in the insurance industry.