We focused on four areas before deciding what technology to implement.
1. Ability to handle “smart” decision making – Does the platform have theability to learn from previous applications, including manual applications,and use technologies such as AI and Machine learning to make decision onits own under our guidance of rules?
2. Ease of use – Can the business add and test rules on their own withoutinvolving a full IT lifecycle?
3. Scalable and can be used by partner portals – Can we extend this tomultiple parts of our business as a service?
4. Implement in under 4 months – Can we get this up and running in ashort time frame, and sunset the existing system?
Together, we decided to use cutting-edge technologies like RPA, AI, ML because it met all of our requirements, and we’ve seen great results in the past for similar clients.
After research and requirement gathering conducted by our technology consultants, RapidValue’s product engineering team along with domain experts set out to build a new underwriting system. To accomplish this, we looked at the customer journey of an insurance applicant and created a digital transformation roadmap that fits the needs of their customers.
We built a scalable Underwriting Decision Engine (UDE) using cuttingedge technologies like RPA, AI and ML. With in-built Artificial Intelligence, the new system can learn from historical records and past interactions and automate underwriting decisions for cases that were being referred to manual underwriters. Rating based profiling system was used for quicker and reliable decisions.
From finding the best-fit technology to implementing it within stringent timelines, the RapidValue team worked closely with the client to build an intelligent underwriting system.
Given that we had less than four months to implement a production ready, AI decision making underwriting system, we had to be diligent in the structure of our team and processes.
We made the following decisions:
When it comes to true digital excellence, it requires a roadmap for the entire lifecycle of insurance application.We looked at the customer journey of an insurance applicant and built out a digital roadmap that fits the needs of their customers.In summary, the client continues to benefit from an AI based Underwriting platform and we are happy to be part of that journey.
Our client is a leading long-term life insurance provider in India. It offers a range of individual and group insurance solutions that meet various customer needs such as Protection, Pension, Savings, Investment and Health. They have over 30 individual and 10 group products in its portfolio, catering to a diverse range of customer needs.