AUSIS (AI Underwriting Platform) helped a Life Insurance Giant in India to improve their complex underwriting journey to be simple, automated & in real- time.

The Background

Life Insurance companies are regulated by IRDA in India and also life insurance companies uses old age legacy processes, systems, risk assessment models and rule based outcome. These increases challenge for Life Insurance companies and our client also had these challenges as:

  • Complex, time taking and redundant processes

  • Increase in cost yet no improvement in customer experience

  • Increase in decision time leads to increase in losing customer, loss of claims

  • Legacy processes, rule engines and silo systems increases inefficiencies, increase in risk & fraud

  • Lack of data insights barrier for their data driven risk, profiling and decisions

  • Rule based system not adequate or smart enough to tacke changing data, behaviour, environment factors and needs. Results in to poor product planning, poor product creation and poor customer benefits

  • Unable to understand customers in-depth leads to micro-insurance, sales, cross/up sell, understanding risk better and more

  • >70% manual efforts involved, leads to errors, poor experience and increase in labour costs

Key Requirements & Challenges

  • Seamless & Real time Underwriting decision system that can process policies under 180 seconds

  • End to end automation to ensure understanding customer in-depth

  • Using 3rd parties, environmental, govt, device and other data to build 360 risk scoring, fraud & decision system

  • Understanding of medical documents, financial documents and others to build comprehensive solution for automated underwriting both for Medical & Financial Underwriting

  • Building customer credibility scoring to asses them instantly based on alternative data

  • Dynamic ML based learning & self-reliant rule to perform complex processes

  • Predictive financial, health, risk & fraud insights to better asses their premium price, benefits and cover

  • Automated underwriting for STP & NSTP for underwriters and also assist them for complex policy issuance in seconds

About Life Insurance Giants

  • >1.5 Million Policies Issue Per year

  • AUM by March 2019 : ₹1604.10 billion

  • 5000+ Branches PAN India

  • 7000+ Employees

  • 20+ Systems used for Underwriting

  • Public Listed Life Insurance Company

  • Billions plus data points

  • New Busienss Premium 123.48 billion for FY2020

Before AUSIS (AI Underwriting)

  • >70% Manual Process

  • >2 Days Turnaround time

  • <20% Data Driven Insights

  • Error-prone insights

  • <1% Third party, device and other data

  • No Scoring, no risks, no profiling

  • No ML Based Dynamic Decision

  • Legacy process and too many systems

After AUSIS (AI Underwriting)

  • Real-time Multi data sources based scoring and decision

  • Using 3rd parties, govt, location, public and device data for profiling

  • 100% Automated end to end process for policy issuance

  • In-depth risk scoring and fraud insights

  • OCR/ICR/Image recognition for documents (pdf, scan, handwritten etc.)

  • Face recognition & signature verification in real time

  • Customer credibility scoring for quick assessment

  • In-depth profiler for without document policy buying

  • Renewal and Persistence insights

  • Automated policy decision with in-depth reasoning

  • Under Insurance insights for reducing risk

  • Real-time dashboard, reports & MIS

  • Instant Document classification to reduce document fraud or duplication

Artivatic's Approach

End to end platform for AI Based underwriting with API Integration with Life Insurance company's core System integrations like DMS (Database Management Solutions), PMS (Policy Management Solutions), TPA (Third Party Administrator), MCA (Underwriter Dashboard) etc. API picking all policies from DMS automatically as soon as new documents or polices gets there either from brokers, agents, banca or online channels, Artivatic's OCR/ICR used to classify documents, extraction and build profiling with other data fetching in realtime. The profiling data was fed to underwriting engine to process for risk assessment, insights, predictive analysis, fraud detection, scoring, health assessment, alerts, and providing final policy decision with reasons & predictive premium, cover & benefits. Artivatic uses its core insurance products & APIs to build, train and integrate with AI, ML, Data & Domain expertise.

AUSIS (AI Underwriting Platform) Results

  • Up to 300% Improvement in Decision Time

  • Reduce TAT up to 90%

  • Improved NSTP up to 12%

  • Reduced Risk up to 10%

  • >93% Policy decision automation under 60 seconds

  • Up to 50% increase in customer profiling

  • Reduced per policy cost up to 30%

  • Increased data enrichment by 50%

  • Improved predictive decisions up to 70%

  • Up to 25% increase in operation in efficiencies

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