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Article: Automated underwriting gaining more ground; AAMGA annual meeting.
- Article from:
- Business Insurance
- Article date:
- June 3, 2002
- Author:
CopyrightCOPYRIGHT 2002 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Automated underwriting, which has been used in personal lines for several years, is starting to make inroads into the commercial lines sector thanks to a maturing technology.
The hard market also is helping to fuel the use of automated underwriting because many insurers, having downsized to trim expenses during the soft market, now lack sufficient in-house underwriting expertise to handle the deluge of new applications coming in. Furthermore, many of today's insurance company underwriters have never experienced a hard market.
However, while the use of automated underwriting may help insurers play catch up now, and even assure lower expenses when the ...