Underwriting transformation for life insurance & health insurance - Latest News Update, Information, Photos & Videos on Underwriting transformation for life insurance & health insurance at Lokmat Times

Insurance businesses asses risk by means of rules, and understanding for every new application that needs insurance. This practice is going on for decades.This is a fair practice to apply a set of rules to assess the risk and provide acceptance/rejection decision.As the insurance industry undergoes a mammoth shift, the effects are being felt across every major process. Companies have made large-scale investments in modernizing and evolving claims and processing platforms. Underwriting being a crucial function in evaluating and analyzing the company's financial performance is increasingly gaining the traction of businesses.The need for a process evolution with market dynamics evolving at a rapid pace, let' have a close look at the key factors propelling the insurance industry to advance their underwriting function:Rise in data: 80% of the data received by underwriters is unstructured, residing in the form of emails, PDFs, forms, and images. Extracting meaningful information from these data sources and documents proves to be a herculean task. It dials down the efficiency of the underwriting team while increasing the processing time and potentially weakening risk assessment. Not only structural data but also using 3rd party data like environmental, social, digital, location, govt. databases, crime data, sanitation, health devices, etc are challenges to the existing underwriting system to dynamically build underwriting models.Higher customer expectations: With the advent of new technologies, the display of omnichannel (or channel-agnostic) behavior by customers has become prominent. Insurers are compelled to deploy digitally adept methods to set new benchmarks of quality and keep up with customer expectations. They require ways to minimize the customer waiting time that consumes at least 95% of the insurance application processing time. The current systems lack personalized premiums, benefits, and coverages.The average insurer has 10 to 14 core systems installed. One multinational insurer had more than 80 core systems. This complexity means creates processes too slow, and chances of innovation reduce. Estimates vary, but it is not uncommon for insurers to spend up to 80% of their IT budget on maintaining legacy systems.Reasons to transformAt its heart, underwriting is a decision-making process bound by time and information. And like any assessment process, depriving underwriters of the time they need to apply their knowledge and insights is to risk selection, and pricing often leads to suboptimal choices that manifest through an adverse claims experience.In addition to making better underwriting decisions, efficient processes also benefit the ultimate decision-maker: the customer. Transparent, simple, seamless processes and better-quality decisions all increase customer satisfaction, whether it's for the end customer or the insurance broker who influences their decisions.AUSIS is enabling Underwriting Transformation for Life Insurance & Health Insurance using AI & 3rd Party Datais an AI-Based Smart Underwriting system that either can connect to an existing legacy system to enhance or make it intelligent or allows to have end-to-end new age UW system for STP & NSTP processes to become simple, seamless, efficient, data-driven, customer-centric, faster, and automated.allows businesses for:* Ability to capture real-time customer data (wearables data, environmental data, govt, social media, etc.) and perform risk assessment basis both historical and real-time data* Ability to perform a facial analysis to estimate smoking, gender, BMI, and other information for better risk scoring* Automated risk assessment across 1200+ parameters (financial, social, KYC, health, bureau, behaviour, activities, govt etc)* Automated verification of all data points, documents extraction (printed, medical, finance, handwritten etc.), signature along with compliance reporting* Rich decision-making aptitude due to learnings from processing over 2 Mn+ insurance policies and 200K+ Claims. Provides propensity to early claims.* AUSIS is next-gen Smart Underwriting Cloud that will enable to connect, integrate and existing or 3rd party apps, APIs for end-to-end process* Embedded Insurance: Artivatic allows embedded underwriting to various non-traditional platforms using AI & a Simple onboarding journey* Alternative Underwriting: Artivatic collects and builds document less underwriting process for insurance to issue policies with no too many documents* Intelligent workflow and 3rd party data layer integration to smoothen the process, intelligence, risk and digital insuranceAUSIS is live more than 10+ Large Insurance corporates in India, APAC & the USA.AUSIS helps Insurance Businesses in:* Reducing TAT up to 90%* Enabling data intelligence up to 80%* Improving efficiency up to 60%* Reducing cost up to 45%* Reducing risk up to 30%* Personalized Risk Profiling* Help in increasing STP from NSTP up to 20-25%* Automating documents extraction/verification up to 90%* Medical Robo Advisory for medical risk assessment* Scoring and credibility analysis* Use of devices, interactions, sanitation, weather, AQI, Mortality, social, digital, and more data to build non-invasive health/social/profile risk indicators* Automating onboarding process up to 90%* Increase better customer experience up to 70%* Embedded Insurance to connect to non-traditional platforms like Travel, Pharma, marketplace, e-commerce, etcFuture of Smart UW* 360 comprehensive UW with all data connectors, data layers, and decisioning process using AI* Unified UW platform for all processes including pricing, personalization, embedded distribution, medical examination, PIVC, TeleMER as just with 1 Click setup* Integrate 3rd party apps, systems with just one click for better risk decisions, reducing early claims and enhancing data-driven pricing* Use with help of APIs or via modular platforms on top of existing systems or use independently.This story is provided by BusinessWire India.will not be responsible in any way for the content of this article. (ANI/BusinessWire India)( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Underwriting Transformation For Life Insurance & Health InsuranceFOLLOW

Underwriting transformation for life insurance & health insurance, Latest News

Business :AUSIS - AI based dynamic and personalized risk underwriting automation platform by Artivatic

Insurance businesses asses risk by means of rules, and understanding for every new application that needs insurance. This practice is going on for decades. ...