HYPERAUTOMATION IN TRANSFORMING UNDERWRITING OPERATION IN THE LIFE INSURANCE INDUSTRY

Authors

  • Aparajita Srivastava, Aditya Kumar, Madhavi Damle

Abstract

Today in the hyperconnected world, technologies like robotics process automation,
machine learning, artificial intelligent, natural language processing, optical character recognition
etc offers various automation opportunities for every industry. Particularly in insurance industry,
automation can stand up to being the game changer.
Underwriting operation still rely heavily on experience and labour-intensive processes
facing new and increasing risk, disparate systems consuming time, enormous effort to assess
increasing volumes of data. Against this backdrop of inefficiency, the underwriter’s job is getting
harder, complex risks are emerging around cyber protection, natural catastrophes and fraud. At
the same time distributor brokers are demanding that underwriters quote more quickly, more
often. The rationale of this conceptual paper is to propose a model that outline a way for life
insurance underwriting software procedure to optimize and simplify the customer acquisition
process by quoting personalized premium. The paper also touches upon cost benefit, and cases of
similar implementation. The model demonstrates the application of intelligent processing,
intelligent monitoring, intelligent assessment using various automation capabilities. The study
aims to provide an end to end automatic system to underwriting operation without human
interference, overcoming the shortfall of current model.

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Published

2020-12-01

How to Cite

Aparajita Srivastava, Aditya Kumar, Madhavi Damle. (2020). HYPERAUTOMATION IN TRANSFORMING UNDERWRITING OPERATION IN THE LIFE INSURANCE INDUSTRY. PalArch’s Journal of Archaeology of Egypt / Egyptology, 17(6), 4928 - 4944. Retrieved from http://mail.palarch.nl/index.php/jae/article/view/1733