Artificial intelligence is a topic of great interest and speculation in various industries, and the insurance sector is no exception.
Michael Wighton, account executive - client solutions, at RAISE Underwriting, recently weighed in on the topic, sharing his insights of how underwriters can better adapt to new technological advancements happening in insurance.
During an interview with IBTV, Wighton acknowledged the importance of embracing new technologies as they become available and are proven to be practical.
“The insurance industry, the underwriting business has existed for a long, long time and predates many different types of technologies,” he said. “I think adapting to new existing technologies is critical.”
Despite this view, Wighton underscored the value of personal interactions and relationships.
“People appreciate technical expertise, deep tech, technical knowledge, but then the personal touch human interaction, a phone call, a meal, or coffee [are] still so critical to our business and growing relationships,” he said.
Wighton also commented on the “increasing commodification of the insurance industry,” with clients now gaining access to a plethora of tools, platforms, and online resources.
Amid this trend, he said underwriters must differentiate themselves by showcasing their value beyond technical expertise.
“If you just need a technical solution, you could probably sort that out on a spreadsheet,” Wighton said. “So, an underwriter needs to articulate their value, as an advisor, as a consultant, as a business partner, as somebody that you would have a relationship [to] work on a solution together.”
As for other trends in the market, Wighton noted the growing need for specialization and capacity in the cyberspace domain.
“More meaningful limits, more proactive risk mitigation in that space, specifically,” he said. “That seems to be really on top of everyone’s mind.”
Learn more about Michael Wighton’s thoughts on AI and the evolving role of the underwriter by watching the full IBTV interview.
