Why experts are calling this the ‘golden age’ of underwriting

Advancements in technology are ushering in what experts on a recent InsTech panel have dubbed the “golden age of underwriting,” a period expected to be marked by greater speed, efficiency and managing general agency activity.

“I think now, with the evolution of technology, that we can move into this golden age because the technology allows, especially underwriters, to have systems that they can use and be effective with,” Matthew Twist, chief risk officer and commercial director at Concirrus, said during the webinar.

However, he underscored that the industry hasn’t hit that golden peak just yet, noting that there are still more challenges to address before insurance can get there.

“If we’re going to talk about the golden age of underwriting, we must be realistic about where we are today. And if we’re in an industry where very skilled and capable people are keying in information into a system and then into another system and potentially another system after that, are we really in the golden age? Probably not,” he said.

His fellow panelists agreed and emphasized the need for dialogue between IT and underwriters in the field to ensure technology is not only developed in a meaningful way but also that uptake is encouraged on an individual level.

Underwriting transformed

One of the biggest ways technology can transform underwriting for the better is by making the process faster, smoother and more efficient overall, panelists said.

“Insurance, on the whole, is still quite an admin-heavy industry. Tech is essential for us to free up our time and do exactly what we need to be doing, which is building our client base, building our relationships and fundamentally underwriting,” Lisa Rowe, senior underwriter, financial lines and cyber, Specialty MGA UK, said.

At the same time, she said consultation between tech teams and end users — which she suggested “has been missing a lot of the time” — is crucial for implementation and adoption.

“I’m sure we’ve all been in a position where a new tech stack has been implemented and we’re going into it saying, ‘This doesn’t really do what I need it to do.’ I think embracing technology but also consulting with the end user is going to bring forward a more golden age, as it were,” she said.

Rowe acknowledged, however, that underwriters can also do a better job of adapting to new technologies and strategies.

“I think it’s a two-pronged conversation. Some of us can adapt to change a little bit more readily than others; some underwriters are still quite old school — they like paper. So, there’s a bit of a shift needed to a degree from the individuals,” she said.

Some of this is already happening, as business user engagements are “at an all-time high,” according to Robin Merttens, chairman and co-founder, InsTech.

“I’ve not seen this level of genuine interest from underwriters, brokers or accounting teams. That’s partly because there’s a sort of age profile — the tech savviness is improving, so that people know what tech can do, they’re using it more in their personal lives and they get involved,” Merttens said.

More tech-driven MGA activity

Merttens also pointed to the potential for greater MGA activity resulting from innovators taking advantage of the tech momentum to build a fully digital, AI-enabled business.

Twist agreed, noting that it could be “quite an appealing option” for an entrepreneurial underwriter stuck in “more of a legacy setup.”

“We see a massive rise in the MGA market, in the London market specifically and across the US. And, arguably, in the next three to five years, these are the companies that will be successful because they’re set up for success immediately,” Twist said.

Piers Williams, CRO, Diesta, added that the delegated market has been growing consistently year on year, creating ripe conditions for MGA growth.

“If we look at also the cycles that we often see in insurance, we’ve seen a lot of those mid and larger-sized MGAs be consolidated over the last few years… We are certainly seeing there is this new wave of startup MGAs looking at these very specific or far more tailored and customer-centric products in the market, using technology to back up those offerings, both from an underwriting side and also right across that organization’s architecture and utilization of technology,” Williams said.

No gold medal yet

While prospects are improving, Rowe agreed with Twist’s point that the insurance industry hasn’t reached its golden age of technology just yet and still must contend with managing risks alongside benefits.

“There’s a way to go, but we are moving forward in a positive light in terms of our adoption of tech and AI. The golden age of underwriting is coming. It’s going to take a concerted effort for us all to work together to achieve that, but we’re in an increasingly competitive environment and adopting, as opposed to running away from, these types of tech enablements will be the decisive factor for success,” Rowe said.

InsTech is a UK-based global data insights company and insurance community founded in 1971

Concirrus is an AI-powered underwriting platform founded in 2012.

Diesta is an AI-driven insurtech startup founded in 2022 that specializes in automation of premium reconciliation and distribution.

Specialty MGA UK is part of the MNK Group, a global reinsurer founded in 2009.

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