Insurance DataLab co-founder Matt Scott shared key findings from the research, noting that Aviva reclaimed its position as the largest UK insurer following its acquisition of Probitas. He also highlighted that specialist insurers continue to outperform, with commercial lines specialists leading the way with a combined operating ratio of 88.5%.
What Defines a Best-in-Class Underwriter?
The panel featured Aviva chief underwriting officer for commercial lines Karen Dayal, Ageas chief underwriting officer Adam Clarke, and PwC partner Mohammad Khan.
Dayal emphasised the importance of strong processes and support systems, stating that successful underwriters today are “data literate” and engaged with AI and innovation.
She stressed that prioritising customer service is crucial, along with embracing diversity, equity, and inclusion (DE&I) in decision-making, noting that “teams that embrace DE&I make better decisions and positively impact the bottom line”.
Scott highlighted agility as essential in a fast-changing market, while Clarke emphasised focus as a trait of leading underwriters, remarking: “We’re able to do traditional underwriting tasks at a scale and speed we’ve never seen before.”
Technology and AI in Underwriting
Dayal explained how Aviva uses machine learning tools to assist underwriters in identifying patterns, allowing them to “digest vast amounts of data”. But she also cautioned against over-reliance on AI, emphasising that it should be a tool, not a crutch.
Khan noted the importance of assimilating various data types to navigate the complex macroeconomic environment, mentioning that effective teamwork is crucial, as no one can process all available information alone.
As the panel concluded, speakers reflected on key opportunities for underwriters. Khan expressed excitement about new technologies and the potential for underwriting risks in innovative ways.
Meanwhile, Clarke pointed out that attracting and retaining talent will be vital, with future underwriters needing skills in AI, data science, and automation, and Scott emphasised the need for adaptability.
“For those who embrace change, the opportunities are going to be huge,” he added.
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