Скачать или смотреть AI and Machine Learning in Insurance Analytics

Adrian Mincher, Director at Earnix, explores the transformative impact of data analytics and AI on insurance underwriting. Historically reliant on the expertise of seasoned underwriters, the process now integrates advanced technologies to drive precision and efficiency. Mincher explains how leveraging data allows insurers to identify risk “hotspots,” predict claim trends, and adjust underwriting strategies for better profitability and competitiveness. This shift fosters granular risk assessment, where insurers can selectively underwrite policies based on detailed peril exposure insights.

Additionally, Mincher discusses the evolution of global pricing regulations, such as the UK's "price walking" ban, which mandates uniform pricing for new and renewal policies. These changes force insurers to balance fairness with profitability, modeling for longevity instead of short-term gains. He suggests that similar regulatory trends could emerge in South Africa, impacting how insurers price their products.

AI and machine learning further enhance underwriting by digesting large datasets quickly, providing actionable insights while maintaining accuracy. Mincher emphasizes the importance of aligning underwriting and pricing teams for holistic decision-making. As insurers embrace these innovations, they can improve market agility, reduce expenses, and remain competitive in an increasingly data-driven industry.