Underwriters' role will have diminished by 2022 according to report
The overwhelming majority of SME business (80%) will be traded automatically or direct in ten years’ time and there will be less emphasis on underwriters’ experience and judgment according to a report from the Chartered Insurance Institute’s (CII).
Based on interviews with the CII’s Underwriting Faculty and a range of industry sources, the Underwriter of the Future Report, conducted in association with consultancy firm Oliver Wyman, suggests a wholesale change in the way commercial insurance is priced, traded and serviced.
The report – written as a transcript of the 2022 investor day of Future Frontier Insurance, a fictional company – argues that those insurers that differentiate themselves now by focusing underwriting on the customer
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