Technology's impact on underwriters - Hot SR-22 Insurance News

Technology’s impact on underwriters | Insurance Business Canada

Technology

Technology’s impact on underwriters

Expert shares insights on the influence of the internet and AI

Technology

By
Mika Pangilinan

How has technology shaped the role of the underwriter?

According to Lopes, the advent of the internet has revolutionized the way underwriters operate.

“I think technology has changed a lot of what the role looks like,” he said.

Before the internet, underwriters didn’t have the luxury of visiting websites to gain firsthand insights into businesses, Lopes explained. Today’s technology enables them to gather crucial information about the companies they assess.

“Technology helps us to actually get a better feel for the business, get a better feel for processes,” Lopes added as he shared how he personally makes use of videos and other online resources to gain insights on various industries and develop a better understanding of potential risks.

Lopes also noted the growing impact of AI on the underwriting profession. He highlighted the emergence of small business and personal lines portals that offer instant quotes, powered by AI algorithms.

Despite advancements that AI has introduced into the quoting process, Lopes was adamant that technology would not be able to replace underwriters.

“I don’t think it’s going to replace jobs,” he said. “I think it’s just going to change jobs. You still need a human behind that, managing the portfolio, vetting the business.”

Instead, Lopes pointed to the possibility of new job opportunities arising from the integration of AI in the underwriting field, with roles requiring a combination of technical proficiency and human judgment.

“We’re going to work together with AI and some jobs will get created from it,” he said.

Watch the full interview to learn more about Dan Lopes’ insights on the role of the underwriter in today’s fast-changing market.