Underwriting's Quiet Revolution: Gradual, Not Grand

When we talk about industry transformations, the word 'disruption' often gets thrown around like confetti. But don't expect underwriting to explode into a frenzy of change. Its evolution will be more of a slow dance than a whirlwind romance.

Manual Processes on Their Way Out

Underwriting is still heavy on manual processes. Think of it like trying to race a horse in a world where everyone's switching to electric cars. The change is inevitable, but it'll happen incrementally as companies slowly embrace AI and automation.

Here's an unpopular opinion: this gradual shift is actually a good thing. Why? Because underwriting involves a lot more complexity than just plugging numbers into a machine. It requires a nuanced understanding of risk, context, and human judgment that AI, at least for now, can't fully replicate.

Efficiency, Not Just for Show

Automation's real promise in underwriting isn't just about cutting costs. It's about dramatically improving accuracy and efficiency. Imagine having underwriting decisions that aren't just faster, but also more reliable. That's where the industry's headed.

The gap between the keynote and the cubicle is enormous. We've heard the promises of AI transforming industries overnight. But on the ground, employees are often left wondering, 'Where's the support for this new tool?' Management bought the licenses. Nobody told the team.

A Future Worth Preparing For

As these technologies roll out, there's a pressing need for upskilling the workforce. How do you prepare employees for a future where algorithms are as common as spreadsheets? It's a question many companies are grappling with.

The press release said AI transformation. The employee survey said otherwise. Without proper training and change management, these tools could end up gathering dust.

In the end, the transformation of underwriting won't be in the headlines with bold claims of revolution. It will happen quietly, within the daily operations of companies adopting new workflows and gradually phasing out the old. The real story is how businesses prepare their teams for this inevitable march towards efficiency.