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
Challenges
- 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 MethodologyÂ
- 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
