Future underwriters must become skilled statisticians, engineers and technologically literate if insurance is to meet the needs of consumers and businesses, a report produced by the profession’s rising stars concludes.
A report produced by the CII’s 2021 Underwriting New Generation Group notes that traditionally, the skills underwriters required were analytical in nature.
As a result, sought-after candidates mostly had STEM (science, technology, engineering and mathematics), business or economic degrees.
The group’s report, based on research that included a survey of Society of Underwriting Professionals members plus interviews with chief underwriting officers and HR directors, finds that to be successful as an underwriter in the future, a more diverse set of digital analytical skills is required.
Given the challenges around recruiting suitable candidates that satisfy both the analytical and behavioural aspects, the group’s research uncovered a growing school of thought that advocates for the splitting of underwriting roles, differentiating between technical and trading or development roles.
The group claims that if the underwriting profession is to keep pace with the changing needs of consumers and businesses, insurers need to make targeted investments now to enable the migration to a more future-forward technology stack that can support a two-speed
IT architecture, alongside programmes focused on talent acquisition and upskilling.