We quickly assessed that our intelligent automation (IA) platform could form part of a solution to automate the processing of up to 80% of life insurance proposals.
The first part involved decision modelling techniques. Using our democratised development environment, subject matter experts (the human underwriters) could quickly specify and maintain the hundreds of underwriting decisions needed to automate up to 50% of proposals.
To increase the level of automation further, we then assessed the more complex proposals. For this we looked at machine learning. Data from historic applications and the subsequent underwriting decisions could be analysed. The generated profiles could then be used as additional underwriting knowledge and incorporated into the decision modelling being undertaken by the subject matter experts. This would put levels of automation up to 70%.
Further machine learning, applied over time, could potentially increase the level of automated underwriting to more than 80%.