Insurance isn't a gamble anymore - Thanks to AI

Humans’ urge to predict to safeguard the ‘future’ has proved costly, and ‘sometimes’ beneficial. 

But in high-stakes industries like insurance, where one wrong judgement can cost millions, predicting cannot be guesswork; it should come with ‘accuracy.’ 

So, to reduce ‘human errors’ in underwriting and to introduce efficiency in the process, insurers now use AI tools. 

These tools don’t work on ‘intuition’ like human underwriters may at times; instead, they evaluate an applicant’s claim history, credit scores, and their lifestyle indicators before classifying them as ‘high risk,’ or ‘low risk.’ 

This predictive power of AI is changing the insurance industry by showing the bigger picture. 

How is predictive analysis helping Underwriting?

Let’s understand this with an example. 

If two applicants with similar profiles (like the same age, income, and even the same car) apply, they might be treated equally in traditional underwriting. 

However, AI tools will look beyond the usual metrics, and if they find that one applicant drives through a high-risk area at night frequently and has a record of several claims, then their application will be flagged as ‘high risk.’

This is the precision insurers seek, and it’s only possible through data - not ‘vibes’ and sometimes not even experience. 

Underwriting AI tools not only go through an applicant’s past claims, but they also check their driving behavior, location risks, and even weather patterns to spot who’s riskier. 

And how do these AI tools achieve this precision? 

Traditional underwriting relies on limited data and manual checks, making it prone to mistakes. It is also almost impossible to detect hidden risks using the conventional method. 

However, these Underwriter AI tools don’t work on a single data point; they scan through and analyze thousands of similar cases, spotting patterns with the help of models and methods like regression, decision trees, and machine learning. 

The process may look detailed and lengthy, but AI’s speed makes it a quick one while increasing the chances of accuracy. 

Apart from speed and accuracy, Underwriting AI tools also help insurance companies in cutting down costs. 

But what if your company could cut down the cost by 60%? 

Yes, that is possible with Underwrite.In 

Most Underwriting AI tools promise only automation, but it’s not just about speed. The industry also demands precision and transparency. 

We understand the importance of keeping up with industry trends while valuing old virtues. That’s why our AI-powered assistant offers: 

• 85% faster processing.

• 60% cost reduction.

• And 3x more accuracy.

We also have a team with over two decades of experience who have successfully processed 10,000+ applications without any complaints so far. 

You also have to understand this…

As an insurer, your work won’t end by deploying an advanced AI tool because the future of underwriting doesn’t solely belong to machines. 

It’s about building a team that’s wise and trained enough to use these tools and models while avoiding the creation of bias. 

Also, the introduction of AI predictive analysis doesn’t mean eliminating human underwriters. It’s about giving them a personal assistant that does the heavy lifting for them. 

So, before you gift your team a complex AI tool, ask yourself:

• Is your team ready to understand and analyze AI insights? 

• Are they clear about the fairness and inclusivity terms of the industry? 

• Are they capable of detecting bias? 

Do you want to run a company without these fears?

Underwrite.In is ready to take away all these headaches from you. Our AI-powered platform is built with a commitment to fairness, transparency, and data privacy, ensuring that you can revolutionize your underwriting process while upholding the highest ethical standards. 

We are dedicated to mitigating biases, safeguarding sensitive information, and providing clear insights into how data drives decisions.

‘Cause we don’t cut corners, we just cut costs. 

Book a free demo now & Try for yourself

Team Underwrite.In