--- title: Profitable Underwriting Depends on Modernization description: Insurance Underwriting for Property Insurance using Insurance Software and Risk Scoring image: http://www.intermap.com/hubfs/Vintage_Underwriting.png --- [Investors](https://www.intermap.com/investors-2018-0) |[ Partners](https://www.intermap.com/partners-2018-0) |  [WebStore](https://store.intermap.com/MapShop.aspx?GeoLocation=World) [![Intermap Technologies Inc.](https://www.intermap.com/hs-fs/hubfs/Intermap%20Logo%202019%20-%20White.png?width=1656&height=277&name=Intermap%20Logo%202019%20-%20White.png "Intermap Technologies Inc.")](http://intermap.com) # [The Risks of Hazard](https://www.intermap.com/risks-of-hazard-blog) ## [Profitable Underwriting Depends on Modernization](https://www.intermap.com/risks-of-hazard-blog/profitable-underwriting-depends-on-modernization) Posted by [Ivan Maddox](https://www.intermap.com/risks-of-hazard-blog/author/ivan-maddox) on Mar 15, 2016 8:21:39 AM Find me on: [LinkedIn](http://www.linkedin.com/in/ivanmaddox) [Twitter ](https://twitter.com/IvanHazMaps) - [Tweet](https://twitter.com/share) --- Last week, Property and Casualty 360 published a post by [Sean Allen](http://www.propertycasualty360.com/author/sean-allen) entitled [4 areas for the Insurance Industry to Modernize](http://www.propertycasualty360.com/2016/03/10/4-areas-for-insurance-to-modernize-in-2016). The article is based on the consensus after the [Xchanging London Market Conference](http://www.xchanging.com/news/london-insurance-market-underprepared-talktalk-style-cyber-attack) last November, and it starts with: *Fair or not, many look at insurance as an outdated industry, lagging behind others of similar stature and scale when it comes to innovation.* ![Underwriting, earlier. Courtesy of King & McGaw](http://www.intermap.com/hs-fs/hubfs/Vintage_Underwriting.png?width=428&name=Vintage_Underwriting.png "Underwriting, earlier. Courtesy of King & McGaw") Insurance? Innovation? And the suggestion that the former is lagging on the latter?  This is all rich material for the Risks of Hazard. So, what are those 4 things that need to be modernized, then? Two of them are irrelevant to property insurance underwriting: tackling cyber and finding new recruits to staff the industry as up to a quarter of insurance people retire in the coming few years. The two that are relevant for P & C are: digitization/automation and big data analytics. No surprises, but definitely reinforcement.  Underwriting software ([not cross-purposed accumulation software](https://www.intermap.com/risks-of-hazard-blog/2016/02/problem-underwriting-with-accumulation-software)) is one aspect of insurance that is leading innovation. Location-specific risk assessments are coming from both digitization (by replacing paper maps – yes, really) and automation (with [configurable risk scoring](https://www.intermap.com/insitepro/risk-scoring-video?__hssc=191887989.1.1457989648111&__hstc=191887989.53ff093332dac63fcf54290df59b5778.1457975349344.1457975349344.1457989648111.2&__hsfp=2431924196&hsCtaTracking=5218bcd8-d884-4efd-aa76-402ab399e152%7C3845a)). The second area that needs to be modernized, big data, depends on the digitization and automation of the industry to be possible - there is no analog way to deal with big data. Underwriting analytics are using huge geospatial datasets ( including elevations and proximities) and in-house datasets (predominantly [claims](https://www.intermap.com/risks-of-hazard-blog/2015/02/danger-of-relying-on-historical-claims-data)).  Digital and automated analytics that access big datasets, drive underwriting profit in two ways: 1. The process of underwriting is made more efficient, requiring less time to approve and rate a risk. 2. The risks approved are more compatible with business requirements, while undesirable risks are rejected with little to no effort from the underwriter. [Mr. Stefan Holzberger](http://www3.ambest.com/ambv/displaycontent/video.aspx?rc=propertycasualty316) from AM Best explains how hard it is now, and will be in the future, to achieve underwriting profit. Modernizing these two areas of insurance will help underwriters achieve that profit. [![Watch Risk Scoring Video](https://no-cache.hubspot.com/cta/default/395294/14d10d7b-1422-49c3-9d2a-3b4ddab2251f.png)](https://cta-redirect.hubspot.com/cta/redirect/395294/14d10d7b-1422-49c3-9d2a-3b4ddab2251f)   Topics: [InsitePro](https://www.intermap.com/risks-of-hazard-blog/topic/insitepro), [Big Data](https://www.intermap.com/risks-of-hazard-blog/topic/big-data), [Insurance Underwriting](https://www.intermap.com/risks-of-hazard-blog/topic/insurance-underwriting), [Property Insurance](https://www.intermap.com/risks-of-hazard-blog/topic/property-insurance), [Insurance Software](https://www.intermap.com/risks-of-hazard-blog/topic/insurance-software), [Risk Scoring](https://www.intermap.com/risks-of-hazard-blog/topic/risk-scoring), [Insurance Technology](https://www.intermap.com/risks-of-hazard-blog/topic/insurance-technology) ## [The Risks of Hazard Blog](https://www.intermap.com/risks-of-hazard-blog)   [![rss-feed](https://www.intermap.com/hs-fs/hub/395294/file-2218415117-png/images/rss-feed.png?width=27&name=rss-feed.png)](https://www.intermap.com/risks-of-hazard-blog/rss.xml) Welcome to The Risks of Hazard, brought to you by Intermap Technologies®. From the latest industry news and trends, to insight from thought leaders around the globe, stay tuned for a variety of content aimed at helping you better understand the role of location-based intelligence in the world of insurance underwriting and risk assessment. To see how Intermap delivers analytics tailored to your underwriting, visit our [InsitePro](https://www.intermap.com/software/insitepro) page. ### Subscribe to the Risks of Hazard blog! ### Posts by Topic - [Flood Insurance (64)](https://www.intermap.com/risks-of-hazard-blog/topic/flood-insurance) - [Insurance Underwriting (62)](https://www.intermap.com/risks-of-hazard-blog/topic/insurance-underwriting) - [Flood Risk (43)](https://www.intermap.com/risks-of-hazard-blog/topic/flood-risk) - [Risk Management (42)](https://www.intermap.com/risks-of-hazard-blog/topic/risk-management) - [Insurance Protection Gap (32)](https://www.intermap.com/risks-of-hazard-blog/topic/insurance-protection-gap) - [Private Flood (29)](https://www.intermap.com/risks-of-hazard-blog/topic/private-flood) - [Flood Modeling (28)](https://www.intermap.com/risks-of-hazard-blog/topic/flood-modeling) - [Property Insurance (26)](https://www.intermap.com/risks-of-hazard-blog/topic/property-insurance) - [Natural Hazard Risk (25)](https://www.intermap.com/risks-of-hazard-blog/topic/natural-hazard-risk) - [Natural Catastrophe (24)](https://www.intermap.com/risks-of-hazard-blog/topic/natural-catastrophe) - [Floods (23)](https://www.intermap.com/risks-of-hazard-blog/topic/floods) - [InsitePro (21)](https://www.intermap.com/risks-of-hazard-blog/topic/insitepro) - [Risk Scoring (17)](https://www.intermap.com/risks-of-hazard-blog/topic/risk-scoring) - [Wildfire (17)](https://www.intermap.com/risks-of-hazard-blog/topic/wildfire) - [Insurance Software (16)](https://www.intermap.com/risks-of-hazard-blog/topic/insurance-software) - [Insurance Technology (16)](https://www.intermap.com/risks-of-hazard-blog/topic/insurance-technology) - [Effective Underwriting (15)](https://www.intermap.com/risks-of-hazard-blog/topic/effective-underwriting) - [Earthquake (12)](https://www.intermap.com/risks-of-hazard-blog/topic/earthquake) - [Other Risk Models (11)](https://www.intermap.com/risks-of-hazard-blog/topic/other-risk-models) - [NFIP (10)](https://www.intermap.com/risks-of-hazard-blog/topic/nfip) ©2026 Intermap Technologies®. All rights reserved. | [Legal](https://www.intermap.com/legal) | [Disclaimer](https://www.intermap.com/disclaimer) | [Terms of Use](https://www.intermap.com/terms-of-use)  ```json { "@context" : "http://schema.org/", "@type" : "WebSite", "name" : "Intermap", "url" : "https://www.intermap.com/" } ``` ```json { "@context" : "http://schema.org", "@type" : "Corporation", "contactPoint" : { "@type" : "ContactPoint", "contactOption" : "TollFree", "contactType" : "customer service", "telephone" : "+1-877-837-7246" }, "logo" : "https://www.intermap.com/hs-fs/hubfs/Intermap-2019/Images/Intermap-Logo.png", "name" : "Intermap Technologies®", "sameAs" : [ "https://twitter.com/Intermap", "https://www.youtube.com/user/intermaptechnologies", "https://www.linkedin.com/company/intermap-technologies/" ], "url" : "https://www.intermap.com/" } ```