How Life Insurers Can Apply AI's Art of the Possible - Digitally Cognizant

Medical information and data has grown exponentially in recent years, posing new challenges for life insurance underwriting. With often voluminous medical histories to assess risk, the process can take an inordinate amount of time. Applicants can end up frustrated, dropping out of the application process and seeking other alternatives, perhaps with competitors, in search of a quicker turnaround. In response, insurers are turning to natural language processing – a more focused implementation of conversational AI – to assist with sifting through massive amounts of medical documentation to identify and even assess mortality risk. The benefits are manifold: not only does this result in an accelerated and accurate new business underwriting process, but it's also a way to create a quality data set for improved predictive underwriting.