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Summary
Expert insurance underwriters are scarce. Knowledge-based systems capture their expertise, providing measurable benefits for insurers seeking to address this talent gap.
Area of Science:
- Business analytics
- Artificial intelligence in insurance
Background:
- The insurance sector faces a critical shortage of experienced underwriters.
- This scarcity impacts operational efficiency and risk assessment capabilities.
Purpose of the Study:
- To explore the application of knowledge-based systems in the insurance industry.
- To evaluate the benefits of capturing underwriter expertise in artificial intelligence systems.
Main Methods:
- Implementation of knowledge-based systems to codify expert underwriter knowledge.
- Analysis of operational data from insurers utilizing these systems.
Main Results:
- Insurers leveraging knowledge-based systems have achieved significant, quantifiable advantages.
- The systems effectively compensate for the lack of human expert underwriters.
Conclusions:
- Knowledge-based systems offer a viable solution to the underwriter expertise deficit.
- Adoption of these AI-driven systems yields measurable improvements for insurance companies.