Improving the Accuracy and Transparency of Underwriting with AI to Transform the Life Insurance Industry

Life insurance provides trillions of dollars of financial security for hundreds of millions of individuals and fami lies worldwide. To simultaneously offer affordable products while managing this financial ecosystem, life-insurance companies use an underwriting process to assess the mortality risk posed by individual applicants. Traditional underwriting is largely based on examining an applicant's health and behavioral profile. This manual process is incompatible with expectations of a rapid customer experience through digital capabilities. Fortunately, the availability of large historical data sets and the emergence of new data sources provide an unprecedented opportunity for artificial intelligence to transform under writing in the life-insurance industry with standard measures of mortality risk.