Figure 5. Strong Knowledge.
• Training and Development : To bridge this gap effectively, industry stakeholders must prioritize robust training and development programs. These initiatives should encompass both foun- dational underwriting principles and specialized training in emerging technologies like automated underwriting tools and algorithms. It’s not all data-driven need! Other subjects that topped the list of what to learn more about were product development and pricing, and foreign na- tional underwriting. Accountability for Development Underwriters are already doing the work and putting in the effort; 95% of those surveyed are continu - ally learning, growing and dedicating time for self- improvement.
Proficiency in Advanced Tools : Automated rules engines were identified as areas with the lowest proficiency among underwriters. Despite their trans - formative potential, there appears to be a gap in the skills needed to leverage these tools effectively, as well as interest in developing them. In 2023, 72% selected having a strong mindset for data analysis as an important skill for future underwriters. Given these insights, the question arises: Is the chal - lenge truly a lack of underwriting resources or rather a gap in technologically savvy, curious underwriters? The data suggests a nuanced perspective: • Technological Competence : There is a clear demand for underwriters who possess not only traditional underwriting expertise but also pro- ficiency in advanced technologies. The survey’s findings indicate a need for a new breed of under - writer—one equipped with the skills to navigate and harness the capabilities of modern tools.
Figure 6. Minimal Knowledge.
ON THE RISK vol.40 n.3 (2024)
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