Type of Job:

White collar
Generative AI will change white-collar jobs by automating tasks, helping workers, or transforming roles. Highly-skilled jobs may face the most impact, while blue-collar jobs could grow in demand.

What Constitutes Artificial intelligence (AI)?

Artificial Intelligence (AI) is a technology that allows systems, whether software or machine-based, to autonomously make predictions, recommendations, or decisions that impact both real and virtual environments without the need for constant human guidance or intervention.

Sources

Author:

Juan D. Montoya

Juan D. Montoya

Economist and AI researcher.

Will Insurance Underwriters be replaced by AI & Robots?

Insurance Underwriters risk of being automated:

High

This job is highly likely to be substantially automated within the next 20 years, placing it in the upper quartile for automation probability among occupations.

Current Degree of Automation:

47
(1-100)

Source

Key findings

In the future, GenAI will revolutionize the role of Insurance Underwriters.

AI will streamline tasks like data analysis, risk assessment, and decision-making.

It will enhance regulatory compliance and automate routine processes such as policy evaluation.

GenAI’s ability to generate text and assist in critical thinking will improve underwriting accuracy and efficiency.

This technology will empower underwriters to focus on complex problem-solving and decision-making, ultimately enhancing the quality of insurance services.

How could AI or automation replace or complement job activities?

AI, automation, or LLMs like ChatGPT could potentially automate activities such as digital data processing, information ordering, and memorization in the job of assessing insurance risks.

These technologies could streamline document examination, risk evaluation, and policy review processes.

For instance, AI algorithms could swiftly analyze applicant information and property conditions to determine risk levels, enhancing efficiency in underwriting tasks.

Job description

Assess insurance applications to review risk level and decide whether to approve them.

Consequence of Making Errors

48

(1-100)

Moderately serious Source
In finance, the moderate consequences of errors by insurance underwriters don't directly indicate automation likelihood.

How Repetitive is the Job?

63

(1-100)

Important Source
Insurance underwriters often handle repetitive tasks, like assessing risks and analyzing data. As automation advances, specific tasks may be automated, reshaping roles but not replacing them entirely.
Average Anual salary USD$
$82,990
Number of profesionals in USA
108,000

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Do you think Insurance Underwriters will be replaced by AI?

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