Underwriting
Definition
The process of evaluating risk and determining terms for insurance policies or loans.
Overview
Underwriting involves assessing the risk associated with insuring a person, property, or business, and setting appropriate premiums and terms. Underwriters analyze applications, review supporting documents, and use models to predict potential losses. Automated underwriting can handle routine applications instantly, while complex cases receive human review. AI is increasingly used to improve risk assessment accuracy.
Why It Matters
Slow underwriting loses business to faster competitors, while inaccurate risk assessment leads to mispriced policies that erode profitability. Manual underwriting also creates capacity constraints that limit how much new business an insurer can write during peak periods.
How New Odyssey Helps
New Odyssey accelerates underwriting by automating data gathering, document analysis, and risk scoring—enabling instant decisions on standard applications while giving underwriters AI-powered insights for complex risks.