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.
https://www.slideshare.net/artivatic/ai-underwriting-case-study-for-life-insurance-company
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
Interested in knowing more or Demo? Write to contact@artivatic.ai
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