What is algorithmic underwriting?

It is said that much of insurance in the future will be algorithmically underwritten, but what does this mean and how can we benefit from this?

The session will be hosted by Bijal Patel, Dorota Blaszczuk and Victoria Royle and will break down what it is, the journey to get there and describe the significant benefits in store for brokers, underwriters, and customers, using the speakers’ own experience of algorithmic underwriting, and considering how the market can leverage technological advances in technology and data.

Bijal Patel is the Co-Founder and Chief Technical Officer at Aurora, an algorithmically underwritten digital MGA that specialises in trading SME commercial insurance products, which can be bought online and in real time. She has designed and built an algorithmic underwriting framework with her team that is live and trading for a larger segment of the market than has been algorithmically traded before.

Dorota Blaszczuk is the Head of Algorithmic Underwriting at Aurora, where she is responsible for leading the extension and sophistication of the algorithmic underwriting framework at Aurora, by building new algorithmic models and extending the complexity of existing rating and underwriting approaches, working collaboratively with other specialists and applying actuarial and analytical techniques.

Victoria Royle is a Senior Digital Underwriter at Aurora, where she is responsible for applying her technical underwriting experience and knowledge to develop new products for Aurora’s digital platform, as well as for underwriting complex risks, and serving customers and brokers as a product expert. She has over 13 years’ experience in underwriting, and was previously President of the Insurance institute of Manchester.

Learning objectives

- Understand what algorithmic underwriting is, it's applications and what the future landscape of underwriting will be.

- Appreciate the differences between algorithmic and digital underwriting and what skills will be required for these new types of underwriter.

- Understand how this will open up opportunities for brokers, underwriters, insurers and customers, and the journey to leveraging these benefits.

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