The annual conference of Insurance Accounting and Systems Association, Inc. presented the benefits and challenges of the use of predictive models for underwriting, stressing the volume of quality data needed to make the models both relevant and statistically accurate, as well as the challenges faced in managing change among the old guard of underwriters.
One thing is certain: the use of technology going forward to streamline the underwriting process is inevitable; how carriers respond to it will be key.
Data quality, managing change key for underwriters’ predictive models | Business Insurance.
