AI led underwriting – Blueprint for carriers

AI led underwriting – Blueprint for carriers

AI led underwriting – Blueprint for carriers

The life insurance industry is undergoing rapid digital transformation due to evolving customer preferences, rapid expansion of data and development of advanced AI/NLP solutions.

Life Underwriting as a core process within the value chain has been at the heart of these developments. Carriers continue to invest by adopting modern AI based solutions to generate capacity in their underwriting functions while simultaneously delivering a superior customer experience.

The current underwriting landscape is ripe for digitization

  • There has been a 29% increase in customer preference for buying online since 2016
  • Accelerated underwriting resulted in 14% median increased in sales volumes for carriers over a two-year period
  • Underwriters spend 40-50% of their time on non-value generating / admin activities
  • almost 80% of the data shared is unstructured

The challenge with accelerated underwriting is that it has been focused on simplified term-insurance like products with stringent criteria on the profile of applicants. As adoption increases, carriers are now looking to apply these concepts to transform their fully underwritten journeys and create a differentiated customer experience while reducing costs.

At EXL, we have been investing in designing a blueprint of this futuristic model of data driven underwriting. Read about our position on creating a streamlined underwriting journey powered by AI

EXL’s Blueprint for a data-driven underwriting journey

EXL has staked out components for success this four-part series to simplify the complex and jumpstart your journey toward innovation. Over the next couple months, we’ll be releasing new content that will help your business attain a frontrunner advantage. Topics include:

Reimagine innovation to transform underwriting

The puzzle pieces of the blueprint come together scores to create a streamlined journey for fully underwritten cases resulting in

Drive sustained, profitable growth for new business and underwriting

With EXL’s LDS™ you can speed up your time to market, gain efficiencies to drive your new business and underwriting journey, and get real-time insights for better decision-making.