Life and Health Underwriting have undergone drastic changes in the last few years. Insurers are looking to go beyond Rules Based Underwriting to Data Driven Underwriting. Consequently, there is an increased interest to deploy AI and achieve end-to-end AI driven underwriting. However, there are many AI techniques and approaches; most simplistic being ‘handcrafted AI systems’ to most complex being ‘Deep Learning’. Deep Learning systems are accurate, but tend to be ‘black boxes’ with regards to transparency - and that simply does not work for regulations constrained industries such as Insurance.
Creating an end-to-end AI framework for underwriting using deep learning that can perform intermediary/end-point tasks and provide explainable/auditable decisions will revolutionize Life and Health underwriting.
Scope for AI in Underwriting:
Life and health insurance underwriting is tough and involves multiple micro & macro decisioning needed throughout the lifecycle of the underwriting process.
These can be categorized as:
Arya.ai in Underwriting:
Arya.ai, is a pioneer in productionsing ‘deep learning’ or Neural Networks based systems in insurance since 2017. And in 2020, Arya.ai launched an AI underwriting solution ‘Autonomous Underwriting Module (AUM)’ that uses deep learning to automate/augment underwriting decisioning. So far, AUM has processed more than 65 million+ policies in life and health combined. While AUM is focused primarily on decision automation, the other steps are largely handled by insurers with their current process.
We are now excited to introduce a significant upgrade to AUM, called ‘AUM+’. AUM+ provides an end-to-end AI framework for underwriting using deep learning that can perform intermediary/end-point tasks and provide explainable/auditable decisions will revolutionize Life and Health underwriting
The workshop discusses various use cases in underwriting qualified for AI deployment, map the use cases with the underwriting flow, introduces Arya.ai’s AI Underwriting framework and how to achieve an end-to-end AI driven underwriting process.
- Listing and mapping of use cases in Life and Health underwriting qualified to deploy AI
- Introduction to Arya.ai’s AI Underwriting Framework using Deep Learning
- Plug and play APIs vs Customizable solutions: how to use them effectively in underwriting
- How to productionize explainable AI as part of the design
- How to create a feedback loop to continually improve the AI driven underwriting process