The Chartered Insurance Institute's Underwriting Faculty
with management consultancy Oliver Wyman has published a report
called 'Underwriter of the Future', which sets out to answer how
underwriting could change over the next ten years and what these
changes mean for organisational focus, culture and skills. The
report predicts that the commercial insurance market will undergo
radical change over the next decade, placing unprecedented demand
on firms and driving diversification in the required skills and
career choices for individual underwriters.
The report - based on input from numerous senior industry
participants including insurers, reinsurers, brokers and service
providers - argues that insurers in ten years' time will be obliged
to operate very differently in future in order to compete.
The report is written as a transcript of the 2022 investor
day of Future Frontier Insurance, a fictional
insurance company. Future Frontier Insurance has emerged as one of
the UK's outstanding commercial insurers and has achieved this
position by executing a bold strategy since 2012 focusing
underwriting operations on the customer experience in both SME and
large commercial. The result is a truly differentiated insurer that
is growing fast and is highly profitable.
Watch an interview with the author:
Read the full report: