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Insurers face push to redesign underwriting workflows for AI gains
Duck Creek says insurers that shift from document led processes to orchestrated underwriting environments are pulling ahead, with McKinsey data pointing to turnaround time cuts of up to 80% for complex policies.
Insurers have spent the past two years adopting AI, but Insurance Business, citing Duck Creek General Manager of Underwriting Andy Moss, says the competitive edge is less about the AI technology itself and more about how insurers redesign the underwriting workflow.
Moss argues that traditional workflow centered, document led processes cannot absorb advances in AI, agentic automation, and richer data sources without rethinking how work moves from submission to binding. He said leaders are moving toward orchestrated underwriting environments where submissions are captured once, enriched automatically, routed intelligently, and governed consistently.
In that model, AI agents can help underwriters at scale by reading documents, extracting data, preparing pricing context, and surfacing insights, which allows underwriters to focus on judgment, negotiation, and portfolio strategy, according to Moss as quoted by Insurance Business.
The article also points to McKinsey data that AI driven analytics can cut turnaround times for complex policies by up to 80%, boost agent sales success rates by 10% to 20%, and reduce processing costs by up to 30%. It adds that worldwide AI adoption has surged this year, with 91% of businesses using AI in at least one capacity and global spending reaching $301 billion, while worldwide end user spending on AI models is projected to hit $64 billion.