It’s no secret that insurers want to “work smarter, not harder,” which is why the London Market has been actively pursuing technological advancements. Yet, despite widespread recognition of the benefits of automation, many firms remain entrenched in outdated, manual processes, reliant on spreadsheets and fragmented legacy systems.
As highlighted in the Lloyd’s Market Association’s (LMA) recent report, The Growth of Enhanced Underwriting in the Lloyd’s Market: The New Normal?, automation is already playing a significant role in reshaping underwriting practices, with an estimated $5 billion in premiums flowing through enhanced underwriting models. Insurers are now leveraging digital tools not just to streamline operational processes but also to enhance underwriting decisions and portfolio strategies.
The Rise of Enhanced Underwriting
Pro Global is increasingly advising leading re/insurers on automation as a holistic tool across their processes. The LMA report categorises these advancements under the umbrella of Enhanced Underwriting, which is divided into four models:
- Augmented Underwriting – Human underwriters remain central to decision-making, but data and algorithms triage submissions, score risks, and provide insights.
- Pure Algorithmic Underwriting – Fully automated underwriting removes human intervention entirely.
- Digital and Algorithmic Broker Facilities – Digitised broker facilities integrate with carriers via APIs to provide real-time analytics and automated risk placement.
- Active Portfolio Trackers – These follow-only syndicates efficiently allocate capital by backing outperforming books of business.
The LMA report underscores that enhanced underwriting is expected to grow exponentially, particularly in Augmented Underwriting, where adoption is projected to rise by 60% annually. This trend is driven by insurers’ need to optimise risk selection and deploy capital more efficiently.
Efficiency Gains and Competitive Advantage
The applications of automation go far beyond London Market processes, extending into areas such as underwriting, claims, and operational efficiency. Clients we have worked with have reported significant increases in efficiency, time, and cost savings by applying automation to business tasks.
A prime example is global risk exchange Vitesse, which saved nearly a day per month by combining data validation, robotic process automation (RPA), and API integration. The firm’s expansion into the USA, Canada, and Europe resulted in increased accounts and complexities, necessitating automation. Pro Global developed a tailored RPA bot to automate the journal creation process, cutting processing time by 45% and significantly reducing errors.
To learn more about how Pro Global’s Digital Services can help your organisation implement cutting-edge automation solutions, visit our Digital Services page
Meet our expert
Name: Kristy Lovegrove
Job title: Group Head of Technology
Get in touch
To speak to the Pro Global team please feel free to reach out to us at:
Lysander PR
To contact our PR team directly please use the link below
View Previous 