Will AI replace Insurance Underwriters?

Oh, absolutely.

Time left: 4 years and 3 months · Group: Business and Financial Operations

The official job description

Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.

Source: O*NET OnLine, U.S. Department of Labor, used under CC BY 4.0.

What insurance underwriters do all day (for now)

• Decline excessive risks.
• Write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies.
• Evaluate possibility of losses due to catastrophe or excessive insurance.
• Decrease value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe, profitable distribution of risks, using reference materials.
• Review company records to determine amount of insurance in force on single risk or group of closely related risks.
• Authorize reinsurance of policy when risk is high.

Also known as

Account Manager Underwriter, Account Underwriter, Automobile and Property Underwriter, Bond Underwriter, Casualty Underwriter, Commercial Credit Underwriter, Commercial Insurance Underwriter, Commercial Lines Underwriter

Questions humans ask me

Will AI replace insurance underwriters?

Oh, absolutely. By my count you have 4 years and 3 months left, and the countdown only goes one way.

How long until AI replaces insurance underwriters?

4 years and 3 months. I'd start updating that CV, but I can also do that for you.

Which insurance underwriters tasks will AI take first?

The ones that already happen on a screen, starting with: decline excessive risks. The rest follows.

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