--- title: Top 5 Insurance Underwriting Trends Changing the Industry description: Technology developments are shaping the insurance industry. Take a deeper look at these insurance underwriting trends that can transform your business. image: https://www.pilotbird.com/hubfs/Insurance%20company%20using%20cloud%20computing%20to%20manage%20big%20data%20solutions-14.svg --- Insurance leaders on promises of emerging data [Listen to podcast](https://www.pilotbird.com/blog/soa-podcast-promises-and-risks-of-emerging-data-in-insurance) [![Pilotbird](https://www.pilotbird.com/hubfs/raw_assets/public/Pilotbird_January2022/images/Pilotbird_Logo_Dark.svg "Pilotbird")](https://www.pilotbird.com/) [![Pilotbird](https://www.pilotbird.com/hubfs/raw_assets/public/Pilotbird_January2022/images/Pilotbird_Logo_Light.svg "Pilotbird")](https://www.pilotbird.com/) - [Technology](https://www.pilotbird.com/technology) - [Insights](https://www.pilotbird.com/blog) - [Technology](https://www.pilotbird.com/technology) - [Insights](https://www.pilotbird.com/blog) [Contact Us](https://www.pilotbird.com/contactus) [Contact Us](https://www.pilotbird.com/contactus) ![](https://px.ads.linkedin.com/collect/?pid=2764348&fmt=gif) # Top 5 Insurance Underwriting Trends Changing the Industry Tech insights , Underwriting 3 Oct 2022, 4 Min Read The insurance sector continues to grow while simultaneously experiencing challenges aggravated by multiple factors, including the pandemic. These challenges affect the sector's business models, services, and profitability.  ## 5 Key Insurance Underwriting Trends Revolutionizing the Industry Unfortunately, the conventional methods of underwriting insurance policies are time intensive. Insurance customers expect faster policy decisions and a seamless experience. As a result, underwriters are under pressure to price risk more swiftly and accurately. Therefore, to improve life insurance underwriting's productivity, insurers must upgrade their core system and embrace new-age technologies. Here is an in-depth analysis of the top life-emerging insurance underwriting trends poised to change the face of underwriting. ### 1. Big Data Analytics ![Insurance underwriting trends](https://www.pilotbird.com/hubfs/Insurance%20company%20using%20cloud%20computing%20to%20manage%20big%20data%20solutions-14.svg) The use of big data analytics in the insurance sector is increasing. Insurance companies are expected to have a[$56.97 billion expenditure](https://www.virtueanalytics.com/data-analytics-in-the-insurance-industry/) by the end of 2022. But those same companies want their spending to be more efficient. Data and advanced analytics can assist insurance companies in saving the time and resources used in insurance underwriting by automating the processes. Insurers can work more efficiently on client accounts due to big data technology. They can: - Review the customers' history - Choose appropriate risk classes - Develop pricing models - Automate claims processing - Offer top-notch services In addition, insurers can collect and analyze data using futuristic technologies like IoT devices like sensors and wearables. Advanced data and predictive analytics systems assist insurance companies in making data-driven business decisions. For example, underwriters can leverage high-level data and[social media data](https://www.pilotbird.com/blog/life-insurance-underwriting) and information to price risk more effectively. Companies that have invested in big data analytics have noticed a 60% increase in[fraud detection](https://www.pilotbird.com/blog/how-automated-insurance-underwriting-services-save-small-businesses-money) rates, 40%-70% cost savings, and 30% more efficiency. Big data analytics benefits both insurance companies and customers, allowing insurers to target clients more precisely. ### 2. Artificial Intelligence (AI) and the Internet of Things (IoT) AI and IoT are fundamentally disrupting and transforming the insurance underwriting landscape. The[future of underwriting will differ](https://www.mckinsey.com/industries/financial-services/our-insights/rewriting-the-rules-digital-and-ai-powered-underwriting-in-life-insurance) heavily from how it’s seen today for personal and small-business offerings across casualty and life and property insurance products. The process is reduced to a few seconds once underwriting is automated and supported by a combination of machine models designed within the technology stack. Such models are powered by internal data and a wide set of external data accessed via application programming interfaces,[external data](https://www.pilotbird.com/blog/harnessing-external-data-for-your-life-insurance-underwriting-process), and analytics providers. Pricing becomes available in real time depending on usage and a dynamic, data-rich risk assessment. This empowers insurance clients to decide how their actions influence coverage, insurability, and pricing. It is why[56% of insurance executives](https://www.globaldata.com/store/report/ai-in-insurance-theme-analysis/) are confident that AI will improve operational efficiency. P&C (property and casualty) insurers price risk by studying the statistical models of previous loss trends and scenarios. The Internet of Things creates a situation where real-time data is part of the risk assessment. Additionally, the IoT can introduce fresh, insightful data types to the business of assessing and calculating risk. Data generated by IoT devices and smart wearables can assist in seamlessly tracking and analyzing consumer behavior and preferences.[Alternative data](https://www.pilotbird.com/blog/use-of-alternative-data-in-underwriting-insurance-regulations) subject to[regulations](https://www.pilotbird.com/blog/insights-on-use-and-regulation-of-alternative-data-in-underwriting) allows for the dynamic pricing of insurance policies. It also will enable underwriters to reduce premium rates, offer discounts, and provide cashback and bundled offerings depending on the client's needs and preferences. Telematics from vehicles, wearable-equipped workers, and smart facilities allow underwriters to conduct more accurate risk assessments in a short time. Sophisticated sensors also monitor different environmental factors—like humidity, temperature, and smoke—to prevent property damage. More importantly, IoT devices can help mitigate fraud and minimize costs significantly by providing accurate and reliable data. ### 3. Machine Learning and Underwriting Insurance underwriting involves navigating massive data amounts, file formats, and software to calculate policy premiums. This can be time-consuming and costly. Machine Learning (ML) can help underwriters classify cases as standard or substandard risks while dealing with the related complexities. [Machine Learning can help underwriters](https://www.pilotbird.com/blog/machine-learning-insurance-underwriting) to determine quantifiable risk factors since training goes only as far as helping to keep risk scoring consistently. In addition, machine learning algorithms can make underwriting more cost-effective and elevate accuracy levels. Machine Learning's prospective applications in insurance underwriting include: - Understanding risk appetite - Fraud detection - Litigation - Subrogation - Expense management - Premium leakage As such, insurers can embrace Machine Learning to stay competitive and increase operational excellence. Machine Learning, AI, and IoT are growing insurance underwriting trends since they share common goals for users. ### 4. The Platform Approach The complexity of the underwriting process needs to be reduced to elevate underwriters' productivity. A platform with low-code capability augmented by RPA (Robotics Process Automation) capabilities can minimize human intervention and automate the end-to-end policy underwriting process.  Furthermore, AI-powered systems can assess applicants' data automatically. The system can also automatically detect and raise concerns against suspicious cases. This helps in saving time on challenging tasks like data entry, duplicity checks, and authentication. In addition, skill-based case allocation allows underwriters to focus on where human intelligence is needed. Low-code process automation helps insurance companies improve the underwriting process's efficiency and correctness. Insurers can leverage the low-code process automation on the cloud, on the premises, or via hybrid deployments. Essentially, the perfect platform can change insurers' experiences by bridging process, content, and communication silos in a company. The platform's abilities — for example, mobility, AI, blockchain, RPA, cloud, analytics, and social analytics capabilities — can accelerate an insurer's journey and give them a competitive edge. ### 5. The Evolution of the Underwriter Because of these insurance underwriting trends, the underwriter's role is evolving. The required skill set constantly shifts as data sets grow and process automation goes on the rise. Cultivating the proper talent is becoming as important as implementing the right data and technology. Evolving underwriting talent is becoming more dynamic in order to include different skill sets, such as[behavioral economics](https://www.pilotbird.com/blog/lifestyle-insights-for-underwriting-in-fintech-and-insurtech), data science, etc. As a result, there is currently a need for insurance underwriters who can think out of the box. With the change of tools in the industry, such as AI, IoT, and Machine Learning, there is the need to acquire underwriters who can grow with these tools. Fortunately, most insurers are discovering and implementing the best ways to have the best and most evolved underwriting talent on their teams. These include: - Capitalizing on their built-in underwriting expertise - Recruiting a different kind of talent ### Take the Next Step to Incorporate Emerging Insurance Underwriting Trends Evolving insurance marketing trends give insurers a competitive edge and better marketing positioning. Pilotbird empowers insurers to engage customers and help in fraud detection. With decades of experience and expertise, Pilotbird is better poised to help insurers embrace and implement these emerging insurance underwriting trends. ### References [https://www.xenonstack.com/blog/data-analytics-in-insurance](https://www.pilotbird.com/blog/lifestyle-insights-for-underwriting-in-fintech-and-insurtech) [https://www.virtueanalytics.com/data-analytics-in-the-insurance-industry/](https://www.virtueanalytics.com/data-analytics-in-the-insurance-industry/) [https://www.mckinsey.com/industries/financial-services/our-insights/rewriting-the-rules-digital-and-ai-powered-underwriting-in-life-insurance](https://www.mckinsey.com/industries/financial-services/our-insights/rewriting-the-rules-digital-and-ai-powered-underwriting-in-life-insurance) [https://www.bcg.com/publications/2021/commercial-insurance-should-start-testing-the-power-of-the-internet-of-things](https://www.bcg.com/publications/2021/commercial-insurance-should-start-testing-the-power-of-the-internet-of-things) [https://www.businessnewsdaily.com/10203-artificial-intelligence-insurance-industry.html](https://www.businessnewsdaily.com/10203-artificial-intelligence-insurance-industry.html) [https://www.globaldata.com/store/report/ai-in-insurance-theme-analysis/](https://www.globaldata.com/store/report/ai-in-insurance-theme-analysis/)  [https://www.forbes.com/sites/randybean/2021/07/06/transforming-the-insurance-industry-with-big-data-machine-learning-and-ai/?sh=5e200974f8a6](https://www.forbes.com/sites/randybean/2021/07/06/transforming-the-insurance-industry-with-big-data-machine-learning-and-ai/?sh=5e200974f8a6) [https://www.pwc.com/us/en/industries/financial-services/library/next-in-insurance-top-issues.html](https://www.pwc.com/us/en/industries/financial-services/library/next-in-insurance-top-issues.html)  [https://www.researchgate.net/publication/325211750\_Automated\_Underwriting\_in\_Life\_Insurance\_Predictions\_and\_Optimisation](https://www.researchgate.net/publication/325211750_Automated_Underwriting_in_Life_Insurance_Predictions_and_Optimisation) [https://www.ibm.com/cloud/blog/robotic-process-automation-in-insurance](https://www.ibm.com/cloud/blog/robotic-process-automation-in-insurance) [https://www.mckinsey.com/industries/financial-services/our-insights/underwriting-talent-strategies-for-property-and-casualty-insurers](https://www.mckinsey.com/industries/financial-services/our-insights/underwriting-talent-strategies-for-property-and-casualty-insurers) Share on Twitter Share on LinkedIn ![Evgeny Aleksandrov](https://www.pilotbird.com/hubfs/797518957cd317d1263bb91542e8046e.png) **Evgeny Aleksandrov** is an industry thought leader in the insurance industry with numerous articles on technology, innovation, and financial services. ### Leave a Comment Your email address will not be published. Required fields are marked \* ##### Read next - ###### [![Pilotbird : Harnessing the Power of Lifestyle Analytics for Insurance](https://www.pilotbird.com/hubfs/image-02.svg) Tech insights Pilotbird : Harnessing the Power of Lifestyle Analytics for Insurance 11 Nov 2022 3 Min Read](https://www.pilotbird.com/blog/pilotbird-harnessing-the-power-of-lifestyle-analytics-for-insurance) - ###### [![Unlocking the Power of Alternative Data in Insurance: Key Considerations](https://www.pilotbird.com/hubfs/InsuranceRegulation_Thumbnail.svg) Tech insights Unlocking the Power of Alternative Data in Insurance: Key Considerations 21 May 2021 3 Min Read](https://www.pilotbird.com/blog/considerations-for-using-alternative-data-in-insurance) - ###### [![Use of Alternative Data in Underwriting: Insurance Regulations](https://www.pilotbird.com/hubfs/pexels-oleg-magni-thumbnail-20.svg) Underwriting Use of Alternative Data in Underwriting: Insurance Regulations 15 May 2021 2 Min Read](https://www.pilotbird.com/blog/use-of-alternative-data-in-underwriting-insurance-regulations) - ###### [![Leveraging External Data to Optimize Your Life Insurance Underwriting Process](https://www.pilotbird.com/hubfs/HarnessingExternalData_Banner-1.svg) Underwriting Leveraging External Data to Optimize Your Life Insurance Underwriting Process 21 May 2021 3 Min Read](https://www.pilotbird.com/blog/harnessing-external-data-for-your-life-insurance-underwriting-process) - ###### [![Predictive Analytics: 6 Insights for Actuaries and Insurance Companies](https://www.pilotbird.com/hubfs/analytics2-2.svg) Tech insights Predictive Analytics: 6 Insights for Actuaries and Insurance Companies 12 Jan 2022 5 Min Read](https://www.pilotbird.com/blog/predictive-analytics-insurance) - ###### [![Unleashing the Potential: Thinking Big About Big Data in Insurance](https://www.pilotbird.com/hubfs/big%20data%202.jpg) Tech insights Unleashing the Potential: Thinking Big About Big Data in Insurance 22 Aug 2022 4 Min Read](https://www.pilotbird.com/blog/big-data-insurance) #### Other insights - [![Pilotbird : Harnessing the Power of Lifestyle Analytics for Insurance](https://www.pilotbird.com/hubfs/image-02.svg)](https://www.pilotbird.com/blog/pilotbird-harnessing-the-power-of-lifestyle-analytics-for-insurance) Tech insights 11 Nov 2022 3 Min Read ##### [Pilotbird : Harnessing the Power of Lifestyle Analytics for Insurance](https://www.pilotbird.com/blog/pilotbird-harnessing-the-power-of-lifestyle-analytics-for-insurance) Evgeny Aleksandrov, CEO and Founder [Read More »](https://www.pilotbird.com/blog/pilotbird-harnessing-the-power-of-lifestyle-analytics-for-insurance) - [![Use of Alternative Data in Underwriting: Insurance Regulations](https://www.pilotbird.com/hubfs/pexels-oleg-magni-thumbnail-20.svg)](https://www.pilotbird.com/blog/use-of-alternative-data-in-underwriting-insurance-regulations) Underwriting 15 May 2021 2 Min Read ##### [Use of Alternative Data in Underwriting: Insurance Regulations](https://www.pilotbird.com/blog/use-of-alternative-data-in-underwriting-insurance-regulations) Use of Alternative Data in Underwriting: Insurance Regulations Insurers can use alternative data to accurately price life insurance, offer personalized and unique customer experience, and evaluate... [Read More »](https://www.pilotbird.com/blog/use-of-alternative-data-in-underwriting-insurance-regulations) - [![Leveraging External Data to Optimize Your Life Insurance Underwriting Process](https://www.pilotbird.com/hubfs/HarnessingExternalData_Banner-1.svg)](https://www.pilotbird.com/blog/harnessing-external-data-for-your-life-insurance-underwriting-process) Underwriting 21 May 2021 3 Min Read ##### [Leveraging External Data to Optimize Your Life Insurance Underwriting Process](https://www.pilotbird.com/blog/harnessing-external-data-for-your-life-insurance-underwriting-process) As of 2019, life insurance industry revenues rose as high as $44.7 billion dollars, more than an 18% gain from the previous year. The volume of life and disability insurance products being... 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Tune in for the latest views in using alternative data sets to improve underwriting accuracy and prequalify leads.", "headline" : "Our CEO on podcast with Society of Actuaries", "image" : "https://www.pilotbird.com/hs-fs/hubfs/ceo_podcast-300x139-1%20(1).png?width=300&name=ceo_podcast-300x139-1%20(1).png", "mainEntityOfPage" : { "@id" : "https://www.pilotbird.com/blog/our-ceo-on-podcast-with-society-of-actuaries", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.pilotbird.com/hubfs/raw_assets/public/Pilotbird_January2022/images/Pilotbird_Logo_Dark.svg" }, "name" : "Pilotbird" } } ``` ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Organization", "name" : "Mani Kaur" }, "datePublished" : "2022-01-11", "description" : "Insurance technology trends will increase competition with new entrants joining the market as existing players grapple with the hostile environment. McKinsey & Company agrees with these sentiments, affirming that technology will alter the structure of many organizations (1) in the coming decade. Future leaders in the industry will be organizations that integrate these technologies into their core processes and adopt an innovative mindset in light of the new realities.", "headline" : "5 Growing Insurance Technology Trends You Can’t Afford to Ignore", "image" : "https://www.pilotbird.com/hs-fs/hubfs/insurance-technology-trends.jpg?width=1420&name=insurance-technology-trends.jpg", "mainEntityOfPage" : { "@id" : "https://www.pilotbird.com/blog/insurance-technology-trends", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.pilotbird.com/hubfs/raw_assets/public/Pilotbird_January2022/images/Pilotbird_Logo_Dark.svg" }, "name" : "Pilotbird" } } ``` ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Organization", "name" : "Mani Kaur" }, "datePublished" : "2022-09-05", "description" : "Social media and insurance records have enormous amounts of data on individuals. However, the below factors are the most consequential for health.", "headline" : "Social Media and Insurance: How BMI Is Reflected in Social Data", "image" : "https://www.pilotbird.com/hs-fs/hubfs/consumers%20providing%20information%20to%20social%20media%20and%20insurance%20companies.jpg?width=1420&name=consumers%20providing%20information%20to%20social%20media%20and%20insurance%20companies.jpg", "mainEntityOfPage" : { "@id" : "https://www.pilotbird.com/blog/social-media-insurance-how-bmi-is-reflected-social-data", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.pilotbird.com/hubfs/raw_assets/public/Pilotbird_January2022/images/Pilotbird_Logo_Dark.svg" }, "name" : "Pilotbird" } } ``` ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Organization", "name" : "Mani Kaur" }, "dateModified" : "2022-10-10", "datePublished" : "2020-12-11", "description" : "The insurance industry is quickly following suit with multiple applications designed to improve the accuracy of underwriting. InsurTech disrupts the insurance landscape by improving customer experience, triaging customer to a product, and assessing underwriting risk. Let’s look at how these applications utilize lifestyle insights and social data points during the underwriting process.", "headline" : "Lifestyle Insights for Underwriting in FinTech and InsurTech", "image" : "https://www.pilotbird.com/hubfs/lifestyle_insight_v2-1.svg", "mainEntityOfPage" : { "@id" : "https://www.pilotbird.com/blog/lifestyle-insights-for-underwriting-in-fintech-and-insurtech", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.pilotbird.com/hubfs/raw_assets/public/Pilotbird_January2022/images/Pilotbird_Logo_Dark.svg" }, "name" : "Pilotbird" } } ```