Case Study: Data-Driven Automated Underwriting

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Establishing a 50% straight-through processing rate with automated life underwriting

Learn how a midsized Canadian insurer leveraged the Aura Next decision management platform to overhaul its manual and time-consuming underwriting process.

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The Challenge:

 

To reduce the risk and inefficiencies of their existing operation, the insurer was looking to digitize and automate the application and underwriting decision-making process.

 

 

 

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The Results:

  • Reduced time from application to underwriting from weeks to minutes
  • Established a 50% straight-through processing rate for all products
  • Created a completely digital, omni-channel experience enabling point-of-sale decisions


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In Brief

Many insurance advisors might also say that today’s full underwriting process is not only long, but can be daunting for the advisor as well as the applicant.

Many insurance advisors might also say that today’s full underwriting process is not only long, but can be daunting for the advisor as well as the applicant.

As a result, many insurance carriers have been developing products with simplified underwriting. This article discusses the main approaches to simplified underwriting, their advantages, and associated risks, and how insurers can mitigate these risks.

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Meet the Authors & Experts

Author
Sophie Clement
Director and Product Manager (former) Living Benefits RGA Canada

References

Reprinted with permission of ON THE RISK, Journal of the Academy of Life Underwriting (www.ontherisk.com).