Life and Annuity carriers are looking for a competitive advantage. It’s why they’re applying technology and digital platforms such as the Accenture Life Insurance & Annuity Platform (ALIP) to capitalize on four underwriting trends: automated, digital, data-driven and fluidless. They’re rethinking the underwriting function with these four trends in mind to drive new business and higher levels of service and efficiency.
Artificial Intelligence (AI) is key
Combined with automation, underwriting platforms and interconnected ecosystems, AI holds the power to differentiate insurers and their offerings providing a compelling competitive advantage. This paper explores several ways Accenture is working with insurers, using these technologies to reimagine the underwriting experience and produce results.
Four trends accelerating underwriting transformation:
Applying digital and data driven underwriting from a holistic perspective and rethinking underwriting processes ensures widespread innovation and efficiency gains from automation.
From electronic application through evidence gathering and policy issuance, digitizing the underwriting process is driving efficiency and enabling the other trends to flourish.
- Data driven
Supplementing conventional data sources with new sources such as data from health and wellness apps produces an enhanced understanding of risk which can be the basis of an improved experience while maintaining underwriting rigor.
During the pandemic, insurers out of necessity waived the paramedical exams and collection of fluids. Rethinking the process post pandemic, they’re using alternatives to fluids that are based on data and predictive models.