A 2019 article focusing on insurance underwriting by McKinsey stated, “Based on our observations, anywhere from 30 to 40 percent of underwriting’s time is spent on administrative tasks, such as rekeying data or manually executing analyses.”

Artificial intelligence (AI) is revolutionizing the underwriting process, offering unprecedented opportunities for efficiency and accuracy in the insurance industry. In this interview with AAIS Partner, Cogitate, we explored how AI is promising a new era in data interpretation and utilization. Jacqueline Schaendorf, CPCU, Co-Founder of Cogitate and President and CEO of Insurance House, discussed the potential of predictive modeling in underwriting and claims processes, significant data challenges faced by carriers, and innovative solutions offered by Cogitate.