BIG’s Stephen Billyard explains how AI and automation are transforming personal insurance underwriting

Personal insurers have led the industry in innovation and technology. They have successfully responded to the challenges posed by the COVID-19 pandemic by providing digital self-service capabilities that enable consumers to obtain policies, pay bills, access information and submit claims online. Did.

As technology transforms the customer experience, so is the personal insurance underwriting game, which is powered by artificial intelligence (AI) and other automation technologies.

“Customers want faster quotes, faster service and faster response times. This is where AI systems come in,” says Suchinder Singh, Regional Vice President for London at Intact Insurance (pictured below). ) said. “AI and automated systems help streamline data collection and communication between customers, brokers and insurers. We can evaluate, set prices, and get quotes and answers at the speed brokers and customers demand.”

As personal insurers gain efficiency through routine data collection and process automation, talent and expertise will be unlocked among brokers and underwriters for deeper analysis and understanding of risk, and more nuanced and complex analysis. Better service provision of risk is possible.

“Not only will this technology allow us to automate certain aspects of the underwriting process – improving accuracy, speed and removing the human error component – ​​it will also allow insurers to It will also allow us to pull data from the source,” said Stephen Billyard (pictured above), President of Billyard Insurance Group (BIG). “Insurers can now underwrite risks in greater detail. This means better underwriting and better risk pricing.”

How does this benefit brokers?

As the primary point of contact for policyholders, brokers benefit when their customers get accurate and timely quotes and the best possible digital experience. Working with the insurers they work with gives brokers time to do what they do best: provide advice and support to their clients.

Billyard explains: They help identify these pertinent risks throughout the underwriting process. It is also more efficient, less prone to errors, and less risky in E&O. ”

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According to Singh, to see the mutual benefits of AI and automation, insurers and brokers need to work together in the data collection process. Billyard agrees, stating: It’s not us or them. ”

Singh adds: We work on the same foundation, which makes it easier to collaborate on complex files. ”

this is the future

Advances in technology always raise some concerns among insurance brokers. The main concern is that automation may render certain parts of their role irrelevant.

“I disagree with that story,” Billyard told Insurance Business. “I think technology has always been shown to improve the value proposition of brokers. Automation cannot replace our job of providing advice and expertise. will understand our clients better and be able to take risks better, we will continue to be of value to them and we will do a better job because of it. .”

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As automation continues to evolve in personal underwriting, Singh believes that the role of brokers as trusted advisors and advocates for their clients will become increasingly important.

“The more automated, the more important human relationships become,” he said. “It is therefore important to know your underwriter as a broker. When there are complex quotes, emerging markets or risks with unique considerations, the broker’s role as an advocate for the client is essential. And above all, You have to understand the customer, because you don’t understand the insurer, you don’t understand the algorithm, so ask yourself, how do you present the customer’s case to the underwriter?”

Billyard encouraged brokers to be proactive and try to stay ahead of the curve. he said: competitive advantage.

“Anything that makes us faster, better and more connected will improve the broker’s value proposition, customer experience and carrier relationships.”