Augmented Underwriting – Better, Quicker Risk Pricing with Avatar
Blog -- 12 February 2024
Author: Marketing
Richard Smith, Chief Product Officer recently took the stage alongside Simon Clapham, Director, Avatar at Instech event ‘How to help underwriters to do more underwriting.’
Avatar are an MGA incorporating next generation underwriting with advanced technology and high precision data. Together with Verisk, they are working to create an end-to-end platform to underwrite US property risks.
Watch the full discussion:
Augmented Underwriting has two key aims:
1. Take away the noise from data augmentation, providing underwriters with a normalised view of the risk
2. Take the underwriter out of the echo chamber of a single risk, allowing them to do portfolio underwriting.
The solution involves pre-set risk appetites built into the algorithm, helping underwriters to overcome analysis paralysis with data and focus their skills and attention where it’s needed.
The wealth of data associated with US property made it an obvious choice for building the model. However, the solution is set to evolve and can be utilised wherever the data is strong and there is a problem to be solved.
Verisk Specialty Business Solutions has been restructuring both internally and externally to place greater emphasis on solving these market problems.
To learn more about Augmented Underwriting, click here, or book a demo to explore how our solution can solve your underwriting problem.
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