Autonomous Underwriting module (AUM)

Automate underwriting decisions to deliver real time quotes and issuance

Deployed in

One of India's largest private life insurance companies with plans to increase penetration in metropolitan markets and expand to tier II markets.

Key Insights

The engagement's objective was to support new business with faster underwriting responses while ensuring higher policy counts without increasing underwriting expenses or impacting the claims performance. Arya.ai’s Autonomous Underwriting Management (AUM) was deployed to support these aims.

  • An UW rule engine, supplied by the reinsurer, was in use for traditional and standard user profiles. Complex cases were, however, largely manually underwritten. Given the expansion plans, manual cases are projected to drastically increase the underwriters' load. Typical underwriting processes involve a requirement of exhaustive additional data, resulting in back and forth communications with customers. Lots of effort were focused on low-value tasks, spanning across different tools resulting in significant loss of productivity. This increased the TAT for decisions, harming the customer experience and resulting in customer dropouts.

  • AUM module worked as an assistive underwriter to pre-qualify the applications, at the point of sale (POS) and improved the channel conversion rates. In addition to increasing AI-STP proportion, AUM module augmented underwriters efforts on complex cases by flagging information requirements while monitoring financial and medical risks and creating a comprehensive case assessment for underwriters to quicker processing.

  • The AUM module also significantly improved in Underwriters productivity with assisted case assessment on complex cases. As a result, the insurer observed reduction in claims leakage and enhanced customer experience.

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