BRIM: The impact of data and analytics on underwriting

Data and analytics capabilities are becoming increasingly important'table stakes' in the property and casualty sector across Europe, North America and Asia, according to a session at the Barbados Risk and Insurance Management (BRIM) conference. Speaking at the session'Next generation insurtech: predictive modelling and artificial intelligence (AI)', Klaas Stijnen, co-founder and chief product officer at Montoux, cited NewVantage Partners' 2022 Big Data and AI Executive Survey, which found that although investment in data and AI initiatives continues to grow, achieving data-driven leadership remains an elusive goal for most organisations. Similarly, the survey found that although the take-up of AI initiatives is accelerating, the actual implementation of AI into widespread production remains low. Stijnen outlined that a data analysis-driven approach is led by data scientists, in which the focus is on available, known data and is separate from the decision-making process. Alternatively, a decision-driven approach is based on data science, which more readily challenges bias to seek missing data and is integrated into a firm's decision-making process.