Future of the Underwriting Career

[underwritingqs]

Hello everyone, I'm doing a project on health insurance underwriting and wanted to get this community's take on what the job would look like in say, 10 years. I've got a list of things that I'm thinking about and would like to get your thoughts on which ones you agree on/disagree on and why, and what might I be missing or not thinking about.

If this would be better posted in a different forum, please let me know!

• Less time will be spent manually aggregating data and performing data analysis
• Increased involvement in supporting the sales process including higher involvement in negotiations, attracting new business, retention of existing business and informing other product and services to meet consumer needs
• More information on risk quantification and segmentation will be available on-demand
• Risk types will become more complex, requiring novel strategies for underwriters to accurately assess
• Basic risk assessments will be automated while more complex risks will still require underwriter's direct attention
• Increased process alignment among all markets
• Demand for more transparent pricing will rise
• Demand for more personalized coverage and flexibility will rise
• Demand for the process from application to onboarding to be faster will rise
• Robotic process automation, machine learning, predictive modeling, and data analytics will automate the manual pieces of the underwriter's job to improve risk pricing and consumer experience
• Automation will be used to screen data and flag risks that should be escalated for human intervention
• Aggregated data will be available on demand
• Access to more types of data will allow for building an enriched customer risk profile
• Data types include: Medical, claims, prescription, IoT, customer behavioral data, social determinants of health, nutritional habits, personal preferences, water intake, activity levels, social media
• Underwriter will participate in more of an advisory role in new product development and the way in which risk pools are funded
• The end-to-end underwriting process will be data-driven with insights informing all aspects
• Data will be used to create individualized member risk profiles that can be accurately aggregated into group profiles
• Personalized risk profiles will be used to target specific customers

 

[adjusterjack]

Sorry, I can't seem to find my Ouija board, my crystal ball, or my magic eight ball.

Oh, wait, my time machine is still in the closet. I'll just pop up to ten years in the future and be right back with the answers to all your questions.

 

[Markthebroker]

I think you've missed a few.

• Many underwriters will have been relocated to call centers on Mars.
• Actuaries will have spent so much energy worrying about the past that they themselves actually traveled back in time, and are stuck in the disco era.
• Email will become irrelevant as we will all communicate with our thoughts.
• All cars, food, products will be sold by Amazon. Health insurance also.
• Donald Trump will be the imperial ruler of the world and dictate all insurance rules, along with everyone else.
• There will be regular T-Rex drills as scientists will have reanimated dinosaurs and they have run amok.
• Nanobots will flow through our blood making disease irrelevant, and we can replace our body parts with robot parts thus making life insurance and health insurance irrelevant, thus making your question irrelevant.

You can go ahead and wrap up your research project. You can thank me in 10 years.