Welcome to the second 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.
Smart insurance carriers are beginning to deploy artificial intelligence (AI) as a foundation, to improve customer experience, straight-through processing (STP), and cost efficiency. And with end-to-end cycle times rapidly shrinking by 20% to 30% and beyond, expectations for 100% same day medical record reviews are projected to be realized by 2024.
How is this possible? What can carriers do to leverage these advancements? Is your organization in a position to take advantage of the technology? This article will survey the growth of AI and natural language processing (NLP) in life insurance underwriting and describe the underpinnings of a ground-breaking platform that can rapidly accelerate applicant review and approval at a fraction of the cost of traditional processing techniques.