ANZ in a partnership with the University of Technology Sydney’s advance analytics institute has developed a new underwriting system that puts AI at its core.
The new system will eventually allow for clients to get policy advice in real time by using artificial intelligence, data science and data analytics.
ANZ’s chief of underwriting Peter Tilocca said that the industry made getting insurance hard but this new system would simplify the process.
“ANZ OnePath has taken underwriting innovation in a new direction, taking its own data and harnessing new tools such as AI and data analytics to make insurance a more intuitive and engaging experience,” Mr Tilocca said.
Key features of the system include a 30 per cent faster competition time for statements, an addition of 3,000 medical conditions and 1,000 medical aliases as well as straight-through processing and acceptance rates.
The system will also allow users to disclose medical information in a manner that is more aligned to how they think about their health.
Associate Professor at UTS advanced analytics institute Guandong Xu reiterated how powerful AI could be and how it would transform underwriting.
“Using AI to stimulate people’s decision-making process, we have shown how AI has used big data, natural language processing and predictive modelling, to revolutionise a huge process such as underwriting,” he said.