Pacific Life Re and online adviser service UnderwriteMe have joined forces with the National Centre for Text Mining (NaCTeM) at the University of Manchester in the UK, to develop a system that will make life and health insurance “simpler, faster, and fairer.”
The alliance is developing a system which combines text-mining and machine-learning techniques to process unstructured medical textual data, such as doctors’ reports on life- and health-insurance applicants and claimants.
The system will streamline the information that the underwriter or claims assessor needs to review, and offer the option to fully automate decisions, potentially leading to significant cost savings and better experience for customers, intermediaries, and insurers.
The finished product will be available through UnderwriteMe’s suite of technology, now adopted by many insurers in the UK, Ireland, and Australia, and Asia.
“Our focus is on making life and health insurance simpler, faster, and fairer through supporting insurers with UnderwriteMe’s transformational digital capability,” said Warren Copp, chief underwriter at Pacific Life Re. “The text-mining module component will be another exciting addition to UnderwriteMe’s technology suite.”
Martin Werth, CEO of UnderwriteMe, said the project reflects the company’s “ethos of investing in digital technology to intelligently automate business processes.”
“By removing existing inefficiencies, we will deliver a superior experience for customers, intermediaries, and insurers,” Werth said.