How AI is making it easier to take out life insurance

Nine questions deep into a life insurance questionnaire, with no end in sight, the will to continue is waning and your favourite social media feed is waiting in the tab next door. This is the big problem facing the life insurance industry, or should we say, the big problem that was facing the life insurance industry. That's because OnePath Life Insurance, owned and operated by ANZ, yesterday revealed a new streamlined set of life insurance questions developed using machine learning models that have revolutionised the underwriting process. As reported by ComputerWorld, the new life insurance questionnaire is the brainchild of a collaboration between OnePath and researchers from the University of Technology, Sydney, reducing a section of the application process from 32 questions to just seven. RELATED: 7 financial trends you won't want to miss in 2018 And while technology might be enabling these new changes, the driving force behind it is consumer behaviours. "Today's society has expectations, especially millennials, in terms of fulfilment: they don't want to wait," said OnePath's Chief Underwriter, Peter Tilocca.