Smart Underwriting
Alula offers Life Insurers the opportunity to re-imagine their underwriting process by transforming it into an automated and real-time experience.
Enabling real-time underwriting processing and fraud risk reduction for insurers
The real-time insurance underwriting system enables simultaneous use of multiple data sources for decision-making. It incorporates straight-through processing and ensures data security and compliance with privacy regulations. The system leverages real-time insights from experts and provides APIs for data distribution and Health Score dissemination. It offers flexibility for integrating diverse data sources and connecting with new workflows while integrating with existing underwriting models.
The Business Challenges
- Insurance underwriting is a human-driven process which is costly and inefficient.
- Underwriters spend a significant amount of time reviewing unstructured data collected from disparate sources.
- Mainly a manual process which has an impact on the accuracy and consistency of the decision-making.
- New life applications are withdrawn due to long wait times for medical underwriting.
- There is a possibility of non-disclosure through the current process versus a validated application. This has an impact on claims underwriting further downstream.
The Solutions
The Smart Underwriting solution provides insurers with the intelligent automation of the insurance underwriting process by securely integrating the relevant internal and external data used for underwriting and enabling automated decisions.
It is a cost effective and scalable platform that allows for:
- More accurate pricing
- Improved efficiencies and time taken in underwriting
- An enhanced customer experience
How It Works
The below illustrates the automation process, highlighting the automated processes. Improve the speed, quality, and cost of gathering patient-centric data and enable a digital underwriting model. Combined with the Alula AI and automation expertise, insurers can garner real-time insights from multiple experts such as underwriters, compliance, legal and effortlessly apply those views to all new applications or changes to existing cover.
Smart Underwriting Process
Benefits
- Insurance underwriting is a human-driven process which is costly and inefficient.
- Underwriters spend a significant amount of time reviewing unstructured data collected from disparate sources.
- Mainly a manual process which has an impact on the accuracy and consistency of the decision-making.
- New life applications are withdrawn due to long wait times for medical underwriting.
- There is a possibility of non-disclosure through the current process versus a validated application. This has an impact on claims underwriting further downstream.
Features
- Straight-through processing of claims in real-time.
- Multiple sets of internal and external data can be used simulating in the decision-making.
- Real-time insight from multiple experts e.g. underwriter, compliance, legal can be applied to all claims.
- Automated detection of claims with higher fraud risk.