Upland’s Strategy for New Technology Solutions and Balancing AI
How do we ensure that emerging technologies are enhancing and not distracting our business goals and strategies? Upland’s Chief Underwriting Officer, Kate Walas, shared her thoughts during the 2024 Women In Insurance Summit.
“Upland is still a maturing organization and we have an awesome opportunity in front of us to look at technology in a different way. We examine technology from an enterprise, holistic sense. From a day-to-day standpoint; our priority is to serve our underwriters. We want to ensure that the technology that lands in front of our Teams includes a user interface and tool that allows the delivery of insights that help make better underwriting decisions. We ensure that we are not just delivering technology for technology sake; there needs to be a tangible benefit. Instead, we want to look at proof of concepts (POC) that are going to benefit our underwriters and deliver the data insights that we have developed as well as integrate external insights that we can lean into and glean valuable and critical information and efficiency from. An experimental approach towards adding tested, underwriting and actuarial requirement driven technology and not overwhelming our underwriters with too much change is a top priority. With this strategy, we are allowing underwriters to make decisions by using their old school underwriting practices while allowing them to be flexible and take advantage of the E&S market.
Upland uses technology to bolster the art of underwriting.
From an underwriting standpoint, we want to utilize new technology as a tool to bolster our underwriters’ experience and capabilities in the evolving E&S market; under the lens of a continuously improvement mindset. We also need to be able to step back and apply our experience to recognize when a new technology is not working, and we need to pivot. Technology is meant to support and not replace the decision maker when underwriting. The tools we implement, including AI, may have their place within our organization, but we still need to think about the art of underwriting as the priority. The decision-making process lies with the underwriter and these technology tools enhance the process, not replace it.”
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About Upland Capital Group
Upland Capital Group, Inc. is an AM Best rated “A-” VIII specialty property/casualty insurer headquartered in Dallas, Texas. Through its wholly-owned insurance carrier, Upland Specialty Insurance Company, the company markets, underwrites and services specialty insurance products in select markets to include excess transportation, casualty construction, excess casualty, primary general liability, excess public entity, professional liability errors & omissions, and excess cyber liability.
Media Contact: Blake Zipoy, Director, Marketing and Communications, bzipoy@uplandcapgroup.com