The work of life company underwriters, at least, in companies that utilized the services of a Risk Assessment Company would change.
Underwriting, in general, would still be a required profession. But many would find themselves working for an RAC instead of a direct writer. However, they might find that to be a more interesting work environment.
However, the RAC could provide different levels of service to direct writers. As a full-service underwriter, it could replace the underwriting departments of insurance companies. Therefore, the direct writer would need only a high-level underwriting officer to manage and audit the underwriting services they bought. This would enable virtual companies.
Or, an RAC could function in an underwriting data collection and interpretation role. As such, the RAC would provide codified risk profile data to a direct writer (electronically) for interpretation and evaluation by that company’s underwriters much as this work is done today. This data could be quite detailed.