Validating Algorithmic Underwriting Models – Expert Panel Report
Underwriting has continually evolved throughout the history of insurance. Technology advancements over time have opened, and will continue to open, new underwriting possibilities from both process automation and content standpoints. On December 11, 2019, the Actuarial Innovation and Technology Steering Committee of the Society of Actuaries (SOA) assembled an industry expert panel to discuss the key considerations and challenges of algorithmic underwriting model (AUM) validation. The panelists included state regulators, direct writers, reinsurers, and consultants selected to represent a range of opinions and not necessarily to form a consensus.
Subsequent to the publication of the original report, a smaller panel met to discuss the implications that COVID-19 has had on algorithmic underwriting. The discussions of this panel have been documented in the COVID-19 Addendum, available below.
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