Automation underwriting in life insurance
A leading life insurer in the US wanted to reduce the need for invasive medical exams during the underwriting process to save costs and improve the customer experience. By harnessing AI and internal data, a better risk predictor score was developed to automate the underwriting process.
The insurer has been able to realise significant improvements to business efficiency while improving the customer experience.
Increase in non-invasive risk classification – from 7% to 70% of cases.
of the non-invasive cases can now be automatically approved.
Potential business impact in cost savings and reducing churn in the process.