A report from the Chartered Insurance Institute’s 2021 Underwriting New Generation Group says the traditional analytical skills used by underwriters need to evolve to include statistics, engineering and technology if insurers want to meet the needs of their customers.

Jonathan Clark, interim CEO of the Chartered Insurance Institute, said: “With the increase in use of data we are seeing a shift from underwriters being expected to detect and repair to consumers and businesses wanting the profession to help them predict and prevent risks.

“Clients and underwriters alike will reap the benefits of data-driven methods of monitoring exposure and mitigating losses, as well as using ever enriched claims data to drive better underwriting decisions that legacy rating methods would measure short against.

“The Chartered Insurance Institute is committed to helping insurance professionals develop the skills and knowledge they need to serve the public, which is why we have produced the Professional Map and worked with Southampton Data Science Academy to develop an introductory-level course on data science and artificial intelligence within the context of insurance.”

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