Brian Duperreault, CEO of AIG, in a recent interview:
Q: How do you see insurance companies changing to fit the modern era?
A: I think the role of the underwriter will change to some degree. The underwriter is going to need different skill sets than they’ve had before. And those skill sets are all around being adept, facile, being agile with data, and analytics. And algorithmic processes. So they become part actuary, part data scientist, and also still that ultimate risk taker.
I agree. The same goes for every other position. Actuaries need to be more technical, claims people need to be more “algorithmic” in their decisions, executives need to be beefed capital allocators. This is the best way for insurance to regain relevance in the global economy - use data and analytics to take more risk at prices attractive to customers.