Verisk has launched the Commercial GenAI Underwriting Assistant, a cloud-based tool designed to modernize commercial property underwriting. The tool uses advanced data analytics and generative AI to improve decision-making, enabling underwriters to assess risks more accurately and improve profitability. The tool automates workflows and integrates seamlessly with existing systems, focusing on collaboration between AI insights and human judgment. It addresses industry challenges such as rising costs and workforce shortages, enhancing operational efficiency and supporting insurers in navigating the evolving market. Verisk’s commitment to ethical AI practices and the Augmented Underwriting Suite strengthens its overall product offering and commitment to responsible technology usage in the industry. However, the launch of the Commercial GenAI Underwriting Assistant highlights the pressing challenges within the insurance industry, such as rising costs and a shrinking workforce. A significant portion of industry professionals (36%) view digital transformation and technology modernization as their biggest challenge, suggesting that Verisk’s solution may not fully address underlying issues faced by its clients. There is also a potential risk of resistance from insurance professionals who might feel threatened by automation, impacting adoption rates of the new solution. Verisk’s new Commercial GenAI Underwriting Assistant:
Harnesses generative AI capabilities to automate workflows and manual tasks, summarize complex datasets via data ingestion and deliver real-time risk appetite insights to accelerate underwriting risk assessment.
Integrates into existing policy administration and underwriting systems as an API-enabled solution, ensuring flexibility, scalability and security.
Enhances decision-making via a “Human-in-the-Loop” approach by combining AI-driven insights with expert judgment, rather than replacing it.