The insurance industry faces an urgent need for greater flexibility due to macroeconomic factors such as inflation, sluggish rate growth and emerging risks. Consequently, underwriters are under deeper scrutiny to meticulously choose and oversee the risks on their books and look ahead to predict what might happen next. The challenge for underwriters is to shift from hindsight, where underwriting decisions are evaluated after the fact, to foresight, where they actively monitor portfolios to better understand the impacts of risks added to their business books in real time.

Historically, the underwriting sector has been resistant to change, even as clients and the risks they encounter evolve swiftly. However, intense market pressures are driving the need for a more modernized and fast-tracked underwriting process. Underwriters must adapt to these changes to remain competitive and effectively manage the increasing complexities of the risks they face.

This whitepaper provides a critical analysis of efficiency and risk management in the commercial insurance industry, highlighting how HCLTech and Newgen partnered to optimize the underwriting workflow.