AI is quickly expanding what’s possible across underwriting, claims and business operations. At the WSIA Annual Marketplace, David Corry, Head of Casualty at Argo, spoke with Insurance Journal about how AI can improve decisions and potentially reduce expenses for policyholders.
- Faster access to information supports underwriting decisions. Corry said AI can produce information more quickly, helping underwriters make decisions and select risks. He also pointed to potential benefits for policyholders. “It certainly helps our efficiency. I think as an industry we can do a lot of work on lowering our expenses for our policyholders. AI is going to allow us to do that,” he said.
- Detailed claims data can improve pricing insights. AI can surface additional data points from claim files, providing a more granular view of what caused a loss. Corry said those additional data points can then inform claims processing and actuarial pricing.
- AI can improve processes across insurance operations. Beyond underwriting and claims, Corry pointed to AI’s use in accounting, finance and human resources, noting that Argo’s distribution partners are also using the technology for many of the same reasons.
Watch the full Insurance Journal interview to hear David Corry discuss how AI is changing underwriting, claims and insurance operations.
