New AI technology has modernized the process of risk scoring. Structured and unstructured data from thousands of data sources and billions of data points are used to verify, cross-reference and deliver critical underwriting insights in real time. (Credit: Nuthawut/Adobe Stock)
How do you select the right risks and price them appropriately? That's the goal of insurance underwriting, but as we all know, there's a delicate balance between charging acceptable premiums and achieving target profitability.
While the science behind it is valid, little has changed in the way underwriting is performed by commercial insurance underwriters. This process is really hard because no single source is reliable, transparent, or comprehensive for assessing current or future risk.
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