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AI Revolutionizing Underwriting & Brokerage
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AI is transforming insurance underwriting with companies like Bdeo, Munich Re, Lexis Nexus, and PwC using AI for risk assessment and pricing. Benefits include efficiency, improved risk assessment, and fraud detection, but challenges like data quality persist. The future requires new workflows and digital foundations. Digitalization urges insurance brokers to adapt to customer needs, attract talent, and engage with technology, evolving into consultants for personalized services and customer trust.
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How can insurance companies address challenges related to data quality in AI underwriting?
What impact might the integration of AI and digitalization have on traditional insurance practices and customer relationships?
What strategies can insurance brokers employ to successfully transition into consultants?
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