The practice of life underwriting is undergoing a lot of change as insurers look to speed up and enhance the customer experience. Big data, artificial intelligence, pharmacy records, accelerated underwriting and more are playing a part.
Previously reserved for the hard to insure, simplified issue products have evolved into fully underwritten simplified products. Backed by artificial intelligence, these products have become an alternative to traditional simplified issue products.
The RNS is not something from science fiction. It is one of a growing number of technologies that combine robotics, artificial intelligence, and connected devices to bring a new level of technological sophistication to the physical world. Such tools will have huge implications for the life insurance industry.
Not all that long ago, the most relevant question in the world of artificial intelligence (AI) was if this technology would make a significant impact on society.
ANZ bank's insurance arm OnePath Life Insurance today revealed some early wins for its project with researchers at the University of Technology Sydney (UTS) which uses machine learning models and advanced analytics to improve the insurance underwriting process.
Some experts predict a boom in jobs meant to ensure that AI systems keep in step with legal and regulatory obligations, ethical responsibilities, and community standards.
Sears Merritt says the company has already learned interesting things about how people age.
A scientist has come up with a way to measure whether an AI is biased.
Is underwriting like a still photograph, a movie, or virtual reality? Georgio Mosis of RGAx Asia shares a fresh perspective.
Haven Life is leveraging MassMutual's historical data to give instant life insurance approvals. Using AI and machine learning to derive new value from old data could become an enterprise staple.