An Information-Extraction Approach to the Analysis of Free-Form Text in Life Insurance Applications

MetLife processes over 260,000 life insurance applications a year. Underwriting of these applications is labor intensive. Automation is difficult because the applications include many free-form text fields. The application contains questions that can be answered by structured data fields (yes-no or pick lists) as well as questions that require free-form textual answers. Currently, MetLife's Individual Business Personal Insurance unit employs over 120 underwriters and processes in excess of 260,000 life insurance applications a year.