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Business models

Reflections on the underwriter of the future

Six years ago, Oliver Wyman and the Chartered Insurance Institute (CII) collaborated on a joint report, “The Underwriter of the Future,” that laid out a vision of what a commercial insurer might look like in 2012.

Moving beyond doing more with less to doing more . . . better

Faced with tightening economics and increased competitive uncertainty, many large insurance enterprises have used operational excellence programs to closely monitor and improve all areas of performance. But efficiency – doing more with less – is not enough anymore. The goal now is operational excellence.

The journey should start now.

Financial services executives view artificial intelligence (AI) with a powerful mix of excitement and concern. With new proofs of concept, innovation labs and investments in technology appearing every day, financial institutions – including insurers – are eagerly exploring AI to improve business decisions, customer experiences and risk management outcomes.