Introducing the Underwriting Maturity Framework
Discover where your organisation sits on our Underwriting Maturity Framework.
Moving from a process-driven to a data-driven operating model
In this data-driven world, there is an opportunity to not only improve underwriting efficiencies, but to fundamentally transform what underwriters do.
The underwriting evolution has shifted away from focusing on process and cost to now harnessing that investment and marrying it with highly accessible third-party data. This allows for deeper underwriting insights to better inform risk selection, exposure analysis and pricing.
Underwriting Maturity Model: 5 stages of evolution
Insurance carriers will find themselves at different points of evolution along this maturity continuum spanning the spectrum of manual/non-standard processes to expansive use of data in the underwriting process. Not all commercial and specialty insurers are ready to evolve at the same pace.
While the joint goal may be to transform the process and invigorate growth, the historic investment and approach in standardising, digitising and automating underwriting will differ per organisation. Traditional insurers for example, may have access to vast amounts of data to draw from, but the data may be siloed or inaccessible in disparate systems.
Some will have a good view of risk exposure and strong commercial confidence; others may not be able to easily lay their hands on intelligent data. Everyone wants to easily manage complex risk structures, multi-section programmes, and risk codes. But the reality is, everyone is starting their underwriting transformation journey from a different point, and it’s important for insurers to be realistic about where they are now, and where they are going, and what goal/stage is most appropriate for their organisation.
We broadly see 5 stages of evolution in the path from process-centric to data-centric
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