Welcome to the fourth piece in our ongoing series on AI led underwriting, and EXL’s blueprint for carriers! If you’re new here, or want to refresh your memory, you can find the rest of the series here.
Shifting customer preferences have motivated life insurers to focus on digital-first offerings that engage customers. This has led to a rapid digitization of front-end processes. Today’s customers value fast, convenient service, making it imperative for carriers to go beyond the digital frontends and enable a similar speed and convenience for backend processes such as underwriting.
The challenge is that the underwriting process requires data, lots of it. It may take a few days or weeks for an underwriter to have all the information required for assessing an application.
Artificial Intelligence is enabling the processing of vast amounts of unstructured information to create digital assets that can potentially accelerate decisions. In our new piece, we explore how carriers can enable a flexible, scalable architecture that can incorporate upcoming data sources to improve underwriting efficiency, risk classification, and customer experience.