{"id":664733,"date":"2024-04-17T06:00:00","date_gmt":"2024-04-17T08:54:32","guid":{"rendered":"https:\/\/www.capgemini.com\/ca-en\/?post_type=press-release&#038;p=664733"},"modified":"2024-04-17T04:54:35","modified_gmt":"2024-04-17T08:54:35","slug":"insurance-leaders-optimistic-about-ais-impact-on-underwriting-quality-and-fraud-reduction-but-underwriter-confidence-lags","status":"publish","type":"press-release","link":"https:\/\/www.capgemini.com\/ca-en\/news\/press-releases\/insurance-leaders-optimistic-about-ais-impact-on-underwriting-quality-and-fraud-reduction-but-underwriter-confidence-lags\/","title":{"rendered":"Insurance leaders optimistic about AI\u2019s impact on underwriting quality and fraud reduction but underwriter confidence lags"},"content":{"rendered":"\t\t<div class=\"wp-block-cg-blocks-hero-press-release\">\n\t\t\t<header class=\"header-hero-press-release\" role=\"main\" id=\"main-content-press-release\">\n\t\t\t\t<div class=\"container\">\n\t\t\t\t\t<div class=\"hero-press-release\">\n\t\t\t\t\t\t<div class=\"hero-press-release-content-wrapper\">\n\t\t\t\t\t\t\t<div class=\"row\">\n\t\t\t\t\t\t\t\t<div class=\"col-12\">\n\t\t\t\t\t\t\t\t\t<div class=\"header-title\">\n\t\t\t\t\t\t\t\t\t\t<h1>\n\t\t\t\t\t\t\t\t\t\t\tInsurance leaders optimistic about AI\u2019s impact on underwriting quality and fraud reduction but underwriter confidence lags\t\t\t\t\t\t\t\t\t\t<\/h1>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<div class=\"header-description\">\n\t\t\t\t\t\t\t\t\t\t<p><\/p>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"header-date\">\n\t\t\t\t\t\t\t\t\t\t<span>Apr 17, 2024<\/span>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"hero-press-release-downloads\">\n\t\t\t\t\t\t\t\t<div class=\"row\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"col-12 col-md-6 col-lg-3\">\n\t\t\t\t\t\t\t\t\t\t\t<a class=\"download-item\" type=\"download\" href=\"https:\/\/www.capgemini.com\/wp-content\/uploads\/2024\/04\/04_17_WPCIR-Press-Release-1.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"Opens in a new window\">\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"download-icon\"><\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"download-details\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"download-title\">Download press release<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"download-props\">138 KB  pdf<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/header>\n\t\t<\/div>\n\t\t\n\n\n<section class=\"wp-block-cg-blocks-group undefined section section--article-content\"><div class=\"article-main-content\"><div class=\"container\"><div class=\"grid-container\"><div class=\"col-12 col-md-2\"><nav class=\"article-social\"><ul class=\"social-nav\"><li class=\"ip-order-fb\"><a href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?=http:\/\/capgeminiucwe.develop\/?post_type=press-release&amp;p=179\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"opens in a new window\"><i aria-hidden=\"true\" class=\"icon-fb\"><\/i><span class=\"sr-only\">Facebook<\/span><\/a><\/li><li class=\"ip-order-tw\"><a href=\"https:\/\/twitter.com\/intent\/tweet?=http:\/\/capgeminiucwe.develop\/?post_type=press-release&amp;p=179\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"opens in a new window\"><i aria-hidden=\"true\" class=\"icon-tw\"><\/i><span class=\"sr-only\">Twitter<\/span><\/a><\/li><li class=\"ip-order-li\"><a href=\"https:\/\/www.linkedin.com\/shareArticle?=http:\/\/capgeminiucwe.develop\/?post_type=press-release&amp;p=179\" target=\"_blank\" rel=\"noopener noreferrer\" title=\"opens in a new window\"><i aria-hidden=\"true\" class=\"icon-li\"><\/i><span class=\"sr-only\">Linkedin<\/span><\/a><\/li><\/ul><\/nav><\/div><div><div class=\"article-text article-quote-text\">\n<ul class=\"wp-block-list\">\n<li><em>62% of insurance executives recognize artificial intelligence\/machine learning technology (AI\/ML) as elevating underwriting quality and reducing fraud <\/em><em><\/em><\/li>\n\n\n\n<li><em>43% of underwriters trust and regularly accept automated recommendations from predictive analytics tools but many still have concerns around complexity and data integrity <\/em><em><\/em><\/li>\n<\/ul>\n\n\n\n<p><strong>Paris, April 17, 2024 \u2013 The Capgemini Research Institute\u2019s <\/strong><a href=\"https:\/\/www.capgemini.com\/insights\/research-library\/world-property-and-casualty-insurance-report\/\"><strong>World Property and Casualty Insurance Report 2024<\/strong><\/a><strong>, published today, reveals the underwriting capabilities of insurers are being restricted by organizational constraints. According to the report, only 8% of property and casualty (P&amp;C) insurers are regarded as underwriting \u201ctrailblazers\u201d who are consistently outperforming mainstream carriers by leveraging AI-driven insights and automation to make informed decisions and accurate risk assessments with efficiency. These industry frontrunners drive greater collaboration and customer transparency by keeping underwriters at the heart of all decisions.<\/strong><\/p>\n\n\n\n<p><strong>Challenges mount for P&amp;C insurers<\/strong><\/p>\n\n\n\n<p>As inflationary pressures hit policyholders\u2019 pockets, there is increased demand for affordability, simplicity, and transparency from their carrier. According to the report, 42% of policyholders find the current underwriting process complex and lengthy. Additionally, 27% of policyholders switched providers in the last two years in search of lower premiums (60%) and better coverage (53%).<\/p>\n\n\n\n<p>While premiums have increased, underwriting practices have struggled as combined ratios breached 100% sparked by natural catastrophe events, evolving risks due to technology innovation such as cyber threats and emergence of generative AI, and regulatory complexity. Capgemini research shows industry executives cite significant organizational barriers affecting their ability to delight the customer: insufficient access to data (54%), legacy systems (51%), and a lack of skilled talent (47%). &nbsp;<\/p>\n\n\n\n<p>\u201c<em>Today\u2019s insurer is operating in one of the most precarious environments in recent memory. The industry must react to this volatility by rethinking the underwriting rule book<\/em>,\u201d said Adam Denninger, Global Insurance Industry Leader at Capgemini. \u201c<em>It requires shifting away from legacy models by modernizing core systems and deploying advanced technologies that drive better outcomes and transparency. Embracing AI-driven insights and automation is crucial for the industry to drive a competitive path towards underwriting profitability that adapts to evolving risk dynamics and policyholder behaviors.\u201d<\/em><\/p>\n\n\n\n<p><strong>Underwriters\u2019 confidence is key to reap trailblazer benefits<\/strong><\/p>\n\n\n\n<p>The report finds that 62% of executives recognize artificial intelligence\/machine learning technology (AI\/ML) is elevating underwriting quality and reducing fraud. Despite these benefits, only 43% of underwriters trust and regularly accept automated recommendations from decision-support predictive analytics tools. This hesitation stems from perceived overcomplexity (67%) and concerns over data integrity (59%). Insurers can overcome their reluctance, cites the report, by engaging underwriters early on to secure buy-in, retain the all-important \u201chuman in the loop\u201d to ensure the AI\/ML models are explainable and appropriately transparent, and continually assess progress.<\/p>\n\n\n\n<p>While some carriers show promise in these areas, not many insurers successfully showcase the \u201ctrailblazer\u201d <a href=\"#_ftn1\" id=\"_ftnref1\">[1]<\/a> qualities to deliver fast, unbiased, and forward-looking underwriting decisions. Armed with the right advanced underwriting capabilities, trailblazers can expect to reap benefits across efficiency (higher speed and lower expenses), accuracy (loss costs and fraud detection), and customer experience (new business and policyholder retention). The analysis finds that less than 13% of this group miss business goals associated with these priorities, compared to 21-36% of mainstream insurers.<\/p>\n\n\n\n<p><strong>Streamlined underwriting begins with unlocking deep data insights<\/strong><\/p>\n\n\n\n<p>A majority (83%) of P&amp;C insurance executives believe predictive models are critical for underwriting\u2019s future, yet only 27% say their firm has advanced capabilities. The journey to unlocking data-driven and actionable insights begins by leveraging a secure data ecosystem.<\/p>\n\n\n\n<p>Globally, 53% of policyholders express concern about the amount of personal information collected by insurers. However, almost two-thirds say they would be willing to share more data in exchange for transparency, discounts, and reassurance that their information is secure. This sentiment represents a chance to scale up risk mitigation propositions and enhance insurability while building engagement and trust, leading to higher customer retention.<\/p>\n\n\n\n<p>P&amp;C insurers face a considerable challenge in meeting the data needs of their underwriters as there are significant gaps between the importance of various data types and insurers\u2019 data capability maturity. According to the report, 49% of underwriters value drone image data yet very few insurers are equipped to support and analyze them effectively. Similarly, one-in-two underwriters want data from connected devices for real-time information about personal and commercial assets, although only 12% of insurers can capture such data effectively.<\/p>\n\n\n\n<p>According to the report, the resulting lack of data mastery is hurting an insurer\u2019s core business as incomplete risk evaluation plagues 77% of insurers. With weak data resources, 73% of firms are facing limited pricing accuracy which prevents adequate claims coverage and eventually may threaten solvency. Another 70% say inconsistent underwriting decisions are a prevailing issue.<\/p>\n\n\n\n<p><strong>Report Methodology<\/strong>\u202f&nbsp;<\/p>\n\n\n\n<p>The World Property &amp; Casualty Insurance Report 2024 draws data from three primary sources: the 2024 Global Insurance Voice of the Customer Survey, the 2024 Global Insurance Executives\u2019 Survey, and the 2024 Global Insurance Underwriters\u2019 Survey. Primary research covers insights from 18 markets: Australia, Belgium, Brazil, Canada, France, Germany, Hong Kong, India, Italy, Japan, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, the United Kingdom, and the United States.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><a id=\"_ftn1\" href=\"#_ftnref1\">[1]<\/a> Trailblazing underwriters actively leverage advanced technology to deliver real-time, data-driven recommendations and decisions. By seamlessly integrating third-party and traditional data sources, these pioneers foster a collaborative ecosystem that keeps underwriters at the core while promoting transparency with customers.<\/p>\n\n\n\n<p><\/p>\n<\/div><\/div><\/div><\/div><\/div><\/section>\n\n\n<div class=\"wp-block-cg-blocks-cg-block-related-content\"><section class=\"relatedContentBlock\"><div class=\"container\"><div class=\"row\"><div class=\"content-title col-12 col-md-8\"><h2 class=\"related-content-heading\">Related news<\/h2><\/div><\/div><div class=\"row relatedContent\"><div class=\"col-lg-4 col-md-6 col-xs-12\">\n\t\t\t\t\t\t\t<div class=\"box\">\n\t\t\t\t\t\t\t\t<a aria-label=\"Read more about Consumers are balancing spending on essentials with small indulgences that provide an emotional boost\" href=\"https:\/\/www.capgemini.com\/ca-en\/news\/press-releases\/consumers-are-balancing-spending-on-essentials-with-small-indulgences-that-provide-an-emotional-boost\/\" 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constraints.<\/p>\n","protected":false},"author":208,"featured_media":0,"template":"","meta":{"cg_dt_proposed_to":[],"cg_seo_hreflang_relations":"[]","cg_seo_canonical_relation":"","cg_seo_hreflang_x_default_relation":"{\"uuid\":\"33c70122-2e6d-4546-9ebb-6f4010f5a73b\",\"blogId\":\"1\",\"domain\":\"www.capgemini.com\",\"sitePath\":\"\/\",\"postLink\":\"https:\/\/www.capgemini.com\/news\/press-releases\/insurance-leaders-optimistic-about-ais-impact-on-underwriting-quality-and-fraud-reduction-but-underwriter-confidence-lags\/\",\"postId\":1014426,\"isSaved\":true,\"isCrossLink\":false,\"hasCrossLink\":false,\"isEnabled\":true}","cg_dt_approved_content":true,"cg_dt_mandatory_content":false,"cg_dt_notes":"","cg_dg_source_changed":false,"cg_dt_link_disabled":false,"footnotes":"","related_resource_url":"https:\/\/www.capgemini.com\/wp-content\/uploads\/2024\/04\/04_17_WPCIR-Press-Release-1.pdf","related_resource_id":1014385,"related_resource_size":"138 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