Product
AiDA SMART UNDERWRITING
Applications of AI and Machine Learning for Insurers
A high-precision underwriting tool that accelerates straight through acceptance for all cases
Existing rule-based underwriting engines do a great job of following rules, but they don’t learn and improve over time, and they don’t highlight potential mistakes or outliers, or your underwriting philosophy. Our advanced AI technology extracts key data, identifies risks, and determines the final underwriting decision, quickly and with much higher levels of accuracy than humans or rules-based engines. The model also learns and adapts to your philosophy over time and can adjust to your preferred risk parameters and confidence levels.
AiDA Smart Underwriting powers insurers with an innovative tool that significantly improves underwriting quality and acceptance rates
The Smart Underwriting advantage
Greater accuracy
Overall accuracy levels in the high 90’s without compromising efficiency or STP.
Superior STP capabilities
Considerably higher STP than traditional engines > 90% STP with 97+% accuracy.
Propensity to claim indicators
An additional feature provides predictive scoring for claim propensity.
Wider case coverage
Detects complex and sub-standard cases, regardless of the complexity.
63 percent of insurance executives say the industry will be completely transformed by intelligent technologies, and 53 percent are already using them in one or more business process.
– Accenture
With AiDA Smart Underwriting insurers can
