Evolution of Underwriting Using Generative AI

In the face of rapid technological advancements and shifting market dynamics, the property and casualty (P&C) insurance sector is at a pivotal point where underwriting excellence is paramount for resilience and long-term success. This Everest Group report, presented by Xceedance, highlights the critical need for high-quality underwriting practices, exploring the challenges such as inefficient traditional methods, complex new risks like cyber threats and climate change, and evolving regulations, while also emphasizing the opportunities presented by digital transformation, particularly the transformative impact of data and Generative Artificial Intelligence (GenAI). By embracing these digital tools and analytics, insurers can enhance risk assessment accuracy and efficiency, leading to improved risk management, new product development, and market expansion, ultimately enabling them to achieve business resilience and maintain competitiveness in this evolving landscape.

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