Building an AI-enabled Platform to Drive Efficient Underwriting for a Life Insurance Company

Business Objective

Business Objective

Our client is one of the largest life insurance providers in the US. As a leading player in the segment, they wanted to transform their underwriting process. They have a traditional process that entails significant evidence data and human effort and lacks process standardization.

They were looking for an end-to-end solution delivered through AI to deliver the following objectives:

  • Efficient Underwriting
  • Digitally Enabled Experience for Producers
  • Personalized Customer Experience
  • Seamless Communication and Collaboration between Producers-Underwriters-Customers
  • Lack of clear methodology to determine underwriting eligibility
  • Inability to appropriately slot incoming applications into risk categories
  • Optimal use of evidence data including lab tests, examiner reports, and APS
  • Significant human effort in triaging decisions

Solution Methodology
  • Developed an AI-powered accelerated underwriting solution that enabled the client to rapidly determine underwriting eligibility and assess mortality risk effortlessly and accurately.
  • Developed a multilayered solution architecture to deliver an end-to-end solution that is highly scalable, customizable, with no IP rights involved.
Business Impact
  • 50% straight-through processing of applications

  • 40% reduction in misclassification costs

  • A simpler and efficient UW process resulting in enhanced customer satisfaction and time saving for all parties involved

Copyright © 2023 Tiger Analytics | All Rights Reserved