The underwriting process has changed dramatically over the past years. What was once performed manually, with paper-based assessments of risks, has become mostly automated, powered by the use of data. Today, Insurers face record numbers of applications, huge amounts of unstructured data, tighter regulatory oversight, and increasing customer demands for timely responses to their applications. In light of these trends, Generative AI underwriting represents the next evolution of underwriting processes with automation tools. Hence, now, 55% of Insurers are actively exploring or have implemented GenAI to complete underwriting activities. So how does GenAI fundamentally change the way underwriters assess application…
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