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A unified approach to digital transformation in underwriting: Insights from James Wright of Beazley Digital

November 28, 2023 | Artificial Intelligence, Digital Transformation, Insurance Underwriting

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In the ever-evolving landscape of insurance, embracing digital transformation is crucial for staying competitive and meeting customer needs. In a recent episode of Unstructured Unlocked, James Wright, Head of Technology at Beazley Digital, shared valuable insights into how their organization is navigating the digital space and shaping the future of the insurance industry.

Beazley Digital is not your typical insurance company. They’ve embraced a distinctive approach by combining technology operations and underwriting into a single team. Operating globally in regions such as the UK, France, Germany, Spain, and Canada, they offer a diverse range of about 15 different insurance products. James Wright leads the North American and UK teams, with a primary focus on small commercial insurance and specialty risks.

Listen to the full podcast here: Unstructured Unlocked episode 32 with James Wright, Head of Technology at Beazley Digital

Automating underwriting and streamlining distribution

 

At the heart of Beazley Digital’s mission is the quest to automate the underwriting process and connect their products to distribution channels. The aim is to make it easier for brokers to access these products digitally, aligning their strategy with the evolving needs of brokers and customers.

Their approach involves providing a consistent digital interface for brokers and customers, organized around delivery channels. Wright emphasized that their API team is essentially a product team, ensuring they have a deep understanding of both the insurance market and the technology side to create valuable solutions.

 

Challenges of AI and LLMs in underwriting

 

Navigating the landscape of underwriting presents unique challenges, particularly in the integration of AI and large language models (LLMs). Wright highlighted the intricate nature of the underwriting process within the technology sector, emphasizing the necessity of encoding the nuanced knowledge of underwriters into the product system for effective automation.

In the realm of AI adoption in underwriting, the industry finds itself in the early phases of a digital transformation. Beazley Digital recognizes the need to overcome hurdles by actively exploring innovative approaches, such as harnessing the power of large language models to extract information from submissions and streamline the underwriting process.

The ongoing challenge revolves around striking the delicate balance between digital-first initiatives and existing legacy systems. Beazley Digital remains optimistic that the integration of AI and LLMs has the potential to not only simplify processes but also contribute to lowering data quality costs and enhancing the overall efficiency of data extraction. Adapting to the evolving landscape of AI in underwriting is imperative, and organizations must be open to learning from experiences that may not unfold as planned, ensuring they effectively address the dynamic needs of the market and their clientele.

Related content: Unleashing efficiency: AI-powered document intake for managing general agents

 

Value of adaptability in digital transformation

 

James Wright’s insights offer a glimpse into the innovative and agile approach of Beazley Digital. Their focus on outcomes, adaptability, and customer-centricity sets a valuable example for the insurance industry. As the digital transformation journey continues, the ability to iterate and meet evolving customer needs will be paramount.

In the world of insurance, Beazley Digital’s unique structure and approach demonstrate that combining the power of technology and underwriting can drive efficiency and offer solutions tailored to the digital era. Whether you’re in the insurance industry or simply curious about the impact of digital transformation, this podcast episode provides a wealth of knowledge and insights to consider as the industry continues to evolve.

Find the full podcast transcript here.

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