The CII's Underwriting Faculty, along with Oliver Wyman, has published its latest Underwriter of the Future report. Released six years after the first report was published, the study reviews how the projections from 2012 actually played out now we have passed the halfway point of the journey to 2022 -- what has played out as expected, what is new and what this means for the insurance executives and underwriters of today.
The report is a barometer of what has happened in underwriting and what the future may look like. The key findings from the report include:
- The changing distribution in SME insurance -- progress towards direct and online distribution for micro and small risks;
- Changing customer demands -- customers will demand more price transparency, faster turnaround times and lower cost, forcing insurers to significantly re-engineer their service proposition and operating model;
- Pressure on the supply -- ongoing abundance of capital continuing to put the traditional industry under major cost and competitive pressure.
Matthew Connell, director of policy and public affairs at the CII, said: "This excellent piece of research shows the different strategies open to insurers and how this can affect demand for skills. It is a useful guide for people planning their training and development and provides invaluable market context for professionals shaping their careers. As a profession, we need to be looking at the changes affecting our sector to continue being relevant to the needs of our consumers and clients."
Read the full Underwriter of the Future article here.