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What impact has the pandemic had on underwriting?

What impact has the pandemic had on underwriting? | Insurance Business UK

What impact has the pandemic had on underwriting?

The Chartered Insurance Institute (CII) and its Society of Underwriting Professionals (SOUP) have acknowledged the “profound impact” the COVID-19 pandemic has had on the underwriting segment in a new report, and have made proposals to address some of the industry’s current concerns related to the matter.

“The pandemic means we are now much more likely to be working remotely and transacting online. And, with more businesses and entrepreneurs wanting advice and services 24/7, we must think about how we evolve and adapt our skills and knowledge to best meet their needs moving forward,” said SOUP chair and RSA Commercial chief underwriting officer Mandy Hunt.

In a statement, Hunt said that one of the crucial parts of adapting to this new normal is “improving how [underwriting professionals] understand, manage, and use data,” as well as how they should translate that data into a language that their customers will find useful.

“Another important factor is knowing how people want to access our services. More and more people want to be able to work from their phones. So, we must provide mobile-enabled services while, at the same time, ensuring the right levels of transparency,” the chair commented.

The SOUP has announced in a release that it will produce webinars, articles and good practice guidance on adapting to the pandemic and the forced transition into digital this year. The Society also said that it would consider the feedback received from underwriters through the CII’s most recent consultation.

“We will engage with the Society of Underwriting Professionals to ensure we deliver world-class learning and qualifications that develop and recognise the practitioner of the future,” said CII chief customer officer Gill White. “We are reviewing the feedback received through our ‘Shaping the future together’ consultation with a view to creating the relevant learning, qualifications and assessments that help develop and enhance the professional knowledge, behaviours and enablers underwriters need to thrive.”

White added that the CII is “committed to being a career partner for the underwriting profession,” by supporting professionals through resources for every stage of their career journey.