Life - Articles - Report on the next generation of automated underwriting


Munich Re Automation Solutions, the world leading provider of digital new business, underwriting and analytics solutions to the life insurance industry, has today launched a report laying out the next generation of automated underwriting.

 Augmented Automated Underwriting: the next generation of underwriting highlights the common challenges faced by the life insurance industry and shows how augmented automated underwriting (AAU) will help firms face these head on to achieve common goals.

 Hailed as the fifth generation of the digital evolution of underwriting, AAU is the product of three critical components: technology, analytics and insurance expertise.

 Paul Donnelly, Executive Vice President EMEA, at Munich Re Automation Solutions said: “AAU provides the answer for two of the biggest priorities for life insurance firms, meeting the expectations of an increasingly tech savvy customer base, and satisfying internal pressure to bring down the cost of onboarding. Those who successfully adapt will be able to harness the power of AI to unlock greater business value from advanced analytics applied to an ever-increasing list of data sources. Ultimately, this will allow firms to transform their customer experience, offering a journey which is easier, quicker, and less likely to be uncompleted.”

 The paper examines in detail:
 • How AAU builds on and evolves previous technology investments and implementations. Currently most firms are sitting between the first and third generation, but rather than forcing firms to start from scratch in order to achieve fifth generation AAU, the capability can be built into existing underwriting processes.
 • How advanced analytics, predictive modelling, and machine learning can change underwriting processes and transform the customer experience.
 • Whether AAU is the inevitable destination for life insurance underwriting. This includes an evaluation of some of the key challenges such as how regional regulations will affect adoption, and how underwriters ensure that they are able to justify any decisions made by technology retrospectively.

 Donnelly continues: “This technology is allowing us to reinvent the customer experience of the life insurance market, whilst making sure that firms don’t fall foul of regional data regulations. Augmented automated underwriting will allow greater underwriting accuracy, minimise false positives, and reduce spikes in risk.”

 “Additionally, a key advantage of AAU is that it can be built into existing systems, however this is a complex journey, so firms need to select the right partner to ensure implementation success.”
  

Back to Index


Similar News to this Story

IPT receipts hit over GBP1 billion in November 2024
According to this morning’s HMRC data, Insurance Premium Tax (IPT) receipts reached £1.2 billion in November 2024, bringing the eight-month 2024/25 to
Healthy life expectancy data hint at post pandemic recovery
New figures published last week by ONS show Healthy Life Expectancy for younger age groups is lower than a decade ago although older ages have seen a
Treatments through PMI hit record in first half of the year
Over seven in 10 of all private health treatments are now being funded via PMI. Record H1 in 2024 for PMI-funded health admissions as employers expand

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.