Applications of AI and Machine Learning for Insurers
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
Overall accuracy levels in the high 90’s without compromising efficiency or STP.
Considerably higher STP than traditional engines > 90% STP with 97+% accuracy.
An additional feature provides predictive scoring for claim propensity.
Detects complex and sub-standard cases, regardless of the complexity.