Global Award for AI Transforming Insurance Underwriting
A collaborative project between UTS and Zurich OnePath has achieved global recognition at the annual Efma (European Financial Management Association) and accenture Awards for a unique application of artificial intelligence (AI) that dramatically reduces the time taken to perform standard underwriting processes.
Life insurance underwriters can now do in seconds what use to take hours by harnessing the power of big data and machine learning to truly transform the sector from a very manual, lengthy underwriting process-orientated business, to one powered by AI, data insights and assistive robotic decision-making tools.
As a leading insurance provider, OnePath wants has been working with UTS since 2017, exploring ways to simplify the life insurance process to make it easier, quicker and more affordable for customers. UTS has applied machine learning, predictive analytics and natural language processing to significantly reduce processing times and improve quality within regulated risk frameworks.
The Bronze Award conferred on the partnership recognises it as a global innovator in Workforce Transformation, a category showcasing innovations that successfully bring together people, culture, leadership, organization, and technology, enabling OnePath to realise the full potential of the human and machine workplace, said Chief Underwriter Peter Tilocca.
I am proud to receive this award on behalf of OnePath and UTS. We had a vision to change how underwriting is performed and we could not have achieved our success without our partners at UTS. We had the vision but not the skills to reinvent underwriting. This is a global award and recognizes us as leaders in the Workforce Transformation space.
The AI project is now successfully operationalised within OnePath’s business operation, and the insights gained through data mining and analysis ultimately simplifies the customer experience with many clear outcomes. These include
- Enabling OnePath to enter a new world of underwriting - empowered by AI/big data insights making the insurance process easier including;
- 30% faster completion rates
- Streamlining business processes by using the AI Virtual Underwriter for standard applications, and underwriters for complex applications
- Automated Quality Assurance System for all virtual/human underwriting applications
- Improving the Advisers rating system
- Improving customer experiences
- Savings in operational costs, whilst increasing cover to more Australians.
Professor in Data Science Guandong Xu, who led the UTS team, says this project demonstrates how universities and industry can collaborate to solve global challenges through harnessing world-leading research expertise and translate in to commercial outcomes in a very agile fashion.
Bringing together different sectors for interaction, creativity, real world impact and results, we can shows that Australia is capable of developing and translating world-leading technology, to enable a company to develop a globally competitive advantage.
About the Efma and accenture Innovation in Insurance Awards:
Efma is an association of 3,300 retail financial services companies in 130 countries, and with multinational professional services company accenture (NYSE: ACN) has been presenting the annual Awards for five years.
The 2020 Awards recognise the best insurance technology innovations, attracting 360 entries from 240 institutions in 45 countries. Winners were selected by a panel of judges comprising senior executives from insurers worldwide. Each entry was assessed using three criteria: originality; strategic capacity to generate long-term competitive edge and return on investment; and adaptability for use in other markets and countries.