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Unstructured Unlocked episode 39: Mandy Hunt’s perspective on the road ahead for insurance

February 15, 2024 | Artificial Intelligence, Unstructured Unlocked

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On this episode of Unstructured Unlocked, we had the pleasure of hosting Mandy Hunt, the esteemed chairperson of the Underwriting Community Board for the Chartered Insurance Institute. Guided by Hunt’s extensive experience and insightful perspectives, hosts Michelle Gouveia and Christopher Wells dove deep into the evolving landscape of the insurance industry.

Listen to the full podcast here: Unstructured Unlocked episode 39 with Mandy Hunt, Former Chief Underwriting Officer – Commercial Lines, RSA

The continued evolution of insurance underwriting

 

Mandy Hunt shared her journey from working with national brokers to holding pivotal roles at RSA, including CEO and Chief Underwriting Officer for commercial lines in the UK. The dynamism of her story matches with that of the insurance industry itself. This was especially highlighted by her tenure in the Channel Islands, where she navigated unique regulatory environments and the challenge of running what she described as a “mini insurance company”.

The discussion then shifted towards the future of underwriting, emphasizing the impact of technological advancements on the space. Hunt elaborated on her belief that automation and AI are set to streamline processes, allowing underwriters to focus more on risk assessment rather than administrative tasks—leaving simple work to the machines and freeing up more time for human experts to hone in on the more difficult problems.

Related content: How to harness the potential of intelligent document processing for insurance

 

Data, analytics, and professional development

 

In the heart of the discussion, Mandy Hunt brought to light the transformative power of data and analytics in the insurance industry. She emphasized the critical role of equipping underwriters with the necessary skills to adeptly navigate and utilize data insights. 

Hunt projected a future where the adept interpretation and application of data would not only be desirable but essential for the professional growth of underwriters. She underscored the need for a strategic equilibrium where the pace of technological progress complements rather than overwhelms the industry’s adaptability and capacity for meaningful application, marking a pivotal point in the evolution of insurance practices.

Related content: Addressing the speed vs. accuracy dilemma in insurance process automation

 

Regulatory environment and its implications

 

Mandy then walked us through the intricacies of the regulatory landscape in the insurance industry today, explaining how pivotal regulations, such as the product governance rules and consumer duty regulations within the UK, are significantly affecting the strategies and operational methodologies of the insurance sector. She argued that these regulations, with their core focus on delivering fair value and ensuring transparency for consumers, introduce a spectrum of both challenges and opportunities for modern insurance enterprises. 

One of the biggest difficulties is the extraction of valuable data from antiquated systems and the need to innovate and develop new products that meet evolving regulatory (and consumer) expectations. However, this challenge then becomes one of the greatest opportunities for growth—because by compelling insurers to evaluate and enhance their product offerings in these ways, new regulations will actually guide the industry towards greater fairness and a stronger focus on consumers.

 

Wrapping up: Looking ahead with optimism

 

Toward the end of the episode, Hunt and the hosts touched on the future of insurance, with a focus on the challenges and opportunities presented by AI, data analytics, and regulatory changes. Hunt’s vision for the industry is optimistic, as she sees technology enhancing the underwriting profession and regulations driving innovation and consumer trust over time.

Many thanks to Mandy for joining us on this episode of Unstructured Unlocked—we loved hearing her journey in the insurance industry and learning from her experiences. Thank you for joining us on this episode recap as well!  Find the full transcript here.

 

Thanks for tuning in, and we’ll see you in the next episode! Check out the full Unstructured Unlocked podcast on your favorite platform, including:

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