Discover more from Artivatic Insurtech & Healthtech - AI/GenAI/SaaS Insights
Life Insurance Transformation Use Cases
Life insurance sector is under pivotal transformation journey.
Life insurance serves a variety of purposes depending on individual needs, life circumstances, and financial goals. Here are some use cases for life insurance:
Some of the interesting technology /transformation use cases.
1: Sales Engagement, Lead Management & marketing Manager
End to end lead management, sales engagement, prospecting, onboarding, quote, renewal, insights, dashboard, ai nudges, communication insights, lead scoring, training, analytics and more. Connected system with underwriting & rule engine for instant product issuance, customer follow, payments etc.
2: Need Analysis
Product Recommendation based on customer profile connected with the onboarding journey. To enable right product selection based on customer profile.
3: Customer digital Onboarding - Assisted and Unassisted
Platform that supports both Self-Buying and Agent Assisted journey in a complete digital manner with multiple API integrations to expedite the journey, connected with online rule engine to generate decision, smartly analyse vital information from data, images and documents to provide detailed insights to underwriters about the customer profile for improved risk assessment.
4: PIVC solution with Health Vitals, Speech to Text conversion, transcript generation, customer communication support assisted and unassisted calls
Embedded with online journey as well as stand alone with multi-language capability with smart features such as capturing health vitals, speech to text recognition and conversion, facial match etc to prevent fraud, misselling and comply with various company and regulatory requirements. The solution has the capability to convert Vietnamese speech to text.
5: Prediction of BMI, Age etc from Photograph
Use deep learning models to predict age, BMI, gender, smoking status etc from photograph
6: Face and Signature Matching
Match multiple photographs, signatures and provide vital information regarding matching, color of signature, predicting health information etc to prevent fraud, non-disclosure etc
7: OCR/ICR models for digitisation of KYC, Financials and Medical reports
Digitise data from physical documents and make the digital data available for risk scoring for the proposal and also for building models and for data analysis
8: AI based Risk Assessment and Scoring for Overall Profile, Financials, Health Score, Location Risk and final underwriting recommendation
Full stack platform to access proposal data, historical policy data, physical images, photographs, OCR/ICR data, medical data correlation to calculate customer health score, external API integration to provide detailed risk scoring and recommendation to underwriters to increase STP ratio, prevent fraud with features of a smart underwriting worksheet
9: No Code platform for configuring all underwriting rules
Dynamic Underwriting rule engine where all underwriting rules can be configured, approved, track audit trail of changes and executed and results reflected in the Underwriting and Customer Onboarding platform to increase STP Ratio, Requirement Management, Medical triggers, Handle non-standard decisions and Customer Communications
10: Next Best Product model for X-Sell/Up-Sell
Model that can be used for 'Service to Sales' approach for agents, service desk to smartly engage with existing customers and recommend for new sales.
11: Partner | Agent Management Platform | App
A smart solution to enable the insurer to manage his/her daily activities, enhance quality of customer engagement with stage wise tracking capabilty of all leads generated by self or provided from other sources
12: Instant Payin/Payout (Smart Commission Management)
End to end platform with payment rule, calculations, taxes etc for instant managing commissions, payments for partners, agents and others.
13: Smart Customer Persistency System
Persistency is critical for a business to have better ROI. Artivatic’s AI platform helps in predicting persistency for the customers to keep track of premiums.
14: Underwriting Automation & Decision Making
Smart AI underwriting platform for both medical & non-medical products [such as term, annuity, pension, investment etc.] for automating end to end policy issuance with instant decision under 60 seconds.
15: Smart Customer App
360 comprehensive customer app for managing health records, policies, family health, recommendation and rewards etc.
16:Insurance in a BOX (Distribution Platform)
SaaS based platform for distributing product to partners, brokers, distributors with single API. Self managed platform for managing APIs, analysis and documents.