Digital Strategic Support • I An underwriter's experience and judgment will always With underwriters playing broader roles and getting outweigh automation in pricing commercial risks, which involved in portfolio steering, capacity optimization, and come with their unique complexities. Adopting product design tasks, they have less time to build a automation supported by artificial intelligence and relationship with brokers and clients. To make their roles machine learning to automatically collect data from less challenging and ease pressures, they need to seek various sources, clean it, and offer actionable insights strategic support to deliver on their roles and multi-task will significantly enhance decision support for the team effectively. To achieve that, insurers could bring in an of underwriters working towards implementing a robust expert technology provider to quickly adopt an pricing strategy. automation solution while ensuring business continuity and cost-effectiveness. Further, carriers can engage An intelligent automation system helps automate specialized workers offering independent services and underwriting using a business rules engine, rating engine, outsource a portion of their tasks which is not extremely and business process management tools. It makes sensitive, thereby reducing expense Factors. They could insightful decisions that help improve business also Focus on recruiting tech talent From startups or sister performance. Carriers should keep in mind the following industries, such as banking, which have seen rapid when adopting intelligent automation: digitalization, ultimately streamlining the integration of next-generation technologies across the underwriting > Incorporate expert decision algorithms and integrate data value chain. from multiple sources. > Derive real-time decision support for technical pricing as well as portfolio management. > Automate a few repetitive tasks like reviewing an application to determine its acceptability. > Ensure its conformity to underwriting guidelines using machine learning techniques. ..,. ., XCEEDANCE Reduce the cost of processing Spend SO% - 70% less submissions by over 50% time on data entry To maintain a profitable book of business, while �------.... ✓ contributing to a growing market share, commercial Achieve 95%+ doto accuracy =·-·-- using automated data insurance underwriters need to strike a balance i::=-::::..1 - _•><_mc_t -----1@ between quality and speed to market. Efficient risk selection and accurate pricing will depend on distinctive insights gathered from the data available in the submissions, augmenting it with internal and external data, and determining new and robust factors to help predict losses.