Opinion: How Artificial Intelligence is Transforming Insurance
The insurance industry seems like a natural setting for artificial intelligence to take root. Solutions providing fraud analysis against claims data has been in place for some time at many companies, enabling rapid settlements with a high degree of assurance that fraudulent claims can be spotted before checks are cut and delivered. There’s also nothing new about automated underwriting at the front end of the policy lifecycle, assuring that most routine applications are processed and priced in the most expedient manner.
The Monstrous Obstacle in Life Insurance Underwriting
Talk to any life insurance company and they will tell you that attending physician statements (APS) (also referred to as digital or electronic medical records) are the biggest delay in underwriting new applications.
Lincoln Financial Aims To Slice Turnaround Times in Half
Seeking to appeal to Generation X and millennials who value speed and convenience, Lincoln Financial has introduced a term life policy that aims for approval in as little as 20 days. That's half the time it takes to underwrite traditional term life coverage, the company said.