Augmented Underwriting vs. Algorithmic Underwriting vs. AI-backed underwriting

News -- 30 April 2024

Author: Chris Spencer is director of underwriting solutions

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At a recent event we held in London, one of the key questions raised was the following: what is the difference between augmented, algorithmic, and artificial intelligence-backed underwriting?

The confusion around similar-sounding terms is no new phenomenon in the insurance industry. Take auto-follow and smart-follow, or e-trading and digital trading. Terms like these are often used interchangeably and mean different things to different people.

Chris Spencer, Director of Underwriting Solutions, broke down the distinctions in his latest article for The Insurer.