In the field of underwriting, artificial intelligence is evolving from a technological experiment into a strategic competitive factor. This is the conclusion reached in the new joint “Point of View” paper by the InsurTech Hub Munich ITHM) and its corporate partner Deloitte: “The Useof AI Agents in Insurers’ Underwriting.” The publication is part of a knowledge partnership established in early 2024, in which ITHM and Deloitte conduct status quo analyses, surveys, and expert interviews on the strategic integration of AI in the insurance industry.
The latest paper demonstrates how AI is transforming the entire underwriting value chain: from risk identification through risk assessment and pricing to active portfolio management. In light of rising data volumes and the growing complexity of risks, traditional manual processes are increasingly reaching their limits. Artificial intelligence offers insurers the opportunity to assess risks more precisely, accelerate decision-making, and streamline processes. A closed-loop system—in which claims data is continuously fed back into the retraining of underwriting models—is crucial for sustainable success.
The authors make it clear, however, that the successful implementation of AI goes far beyond the technology itself. Data quality, AI governance, employee empowerment, and compliance with regulatory requirements—such as the EU AI Act or BaFin guidelines—are becoming critical success factors. Likewise, new risks such as AI hallucinations, shadow IT, model poisoning, adversarial attacks, or data leaks caused by LLMs must be actively addressed.
According to the Point of View, however, the risk of inaction is particularly critical. Insurers that delay building AI capabilities for too long run the risk of falling behind their competitors in risk selection, portfolio management, and profitability.
Download the paper
To download the Point of View, please click here.
ITHM members who are already registered can also download the paper directly from theKnowledge Hub.
