Insurance
Home›Insurance›Industry & Deals›Insurers tie AI strategy to underwriting hiring and re…
Insurers tie AI strategy to underwriting hiring and retention
In a survey of 543 underwriting executives and underwriters, 72% said a structured AI strategy would matter for considering new roles.
Property and casualty insurance underwriters are increasingly focused on insurers’ AI plans as a hiring and retention factor, according to a survey summarized by Insurance Journal. The study, “The Future of Underwriting: AI Adoption, Workforce Trends, and Industry Optimism,” polled 543 underwriting executives and underwriters across the United States and Europe, including participants mainly involved in writing commercial property and casualty lines. In the survey, 72% of respondents said a structured AI strategy would matter when considering new roles, and 69% said their company’s approach to AI makes them more likely to stay. Sixfold, an AI underwriting platform provider, attributed the shift in sentiment to growing competition for underwriting talent, with some leaders and underwriters concerned about losing their best staff to rivals with stronger AI capabilities. The report also found high levels of optimism, with 99% of underwriting executives saying AI makes them more excited about the industry’s future, and 86% of underwriters expressing similar optimism. Sixfold said 77% of executives are concerned their underwriters might leave for competitors with stronger AI strategies or tools, while 5% said AI has not changed their skills priority lists for new hires.