AI-led insurance innovation wins Awards
Double win for AAi/Anz OnePath AI applications for underwriting
The industry collaboration between Advanced Analytics Institute (AAi) and ANZ OnePath continues to attract industry recognition with success at the 2018 BigInsights Data & AI Innovation Awards
NSW Minister for Innovation & Better Regulation, The Hon. Matt Kean, presented the Awards for Best Industry Application of Data Analytics, and Best Industry Application of AI to the partnership, which is developing innovative analytics solutions in the financial technology sector.
UTS and ANZ OnePath topped two categories for making insurance easier for customers through artificial intelligence (AI) data-driven underwriting. Both organisations are committed to a collaborative approach, which allows them to examine and solve live business needs, harnessing AAI’s capability in big data, data sciences and data analytics, and its growing experience in fintech.
This project represents the industry engagement that UTS advocates, bringing together different sectors for interaction, creativity, real impact and results.
Data scientists from AAi and OnePath underwriters are combining their professional expertise in analytics and in insurance underwriting, to examine ways to significantly reduce processing times, improve quality and offer cover to more Australians.
Underwriting processes haven’t changed for decades, are still labour-intensive for both the applicant and the underwriter. An applicant must fill out a questionnaire of over 100 different questions, generating huge amounts of data for manual collation by underwriters, which may take up to a month to complete – not acceptable to millennials and other time poor applicants.
As a leading insurance provider, OnePath wants to simplify the life insurance process to make it easier, quicker and more affordable for customers. Associate Professor Guandong Xu, Leader of AAi’s Data Science and Machine Intelligence Lab says machine learning, predictive analytics and natural language processing can help so.
We are applying artificial intelligence and machine learning to do just that by exploring 10 years of historical data and using cutting edge machine learning algorithms (e.g. extreme gradient boosting and text mining techniques) for data insight and predictions.
ANZ OnePath chief underwriter Peter Tilocca confirms AI can develop a more reliable application and assessment process, providing insurance advisors with a differentiated service that supports them in building trusted relationships with their clients.
This AI-data driven underwriting solution is a first of its kind and based on one of largest set of insurance data in the sector. The insights gained through data mining enable us to simplify the customer application, develop a ‘virtual underwriting’ and an automated quality insurance scheme.
The annual BigInsights Data & AI Innovation Awards recognise teams and end users doing groundbreaking work using Data, AI & IoT to deliver business outcomes. A team of independent industry experts judges the six Awards, looking for projects and activities that demonstrate best practice in developing and deploying data and analytics or IoT techniques.
About the Awards: The BigInsights Data Innovation Awards are owned by BigInsights, a leading advisory and research firm focused on Data Analytics which helps enterprises and entrepreneurs capitalise on data opportunities.