The insurance industry is undergoing a major transformation when it comes to digital underwriting. It is the primary errand of insurers, the principles on which the entire insurance business model endures. It helps in retrieving the applications for insurance and in deciding who will get cover and what the terms of that cover will be.

1. DIGITAL AND AI-POWERED
UNDERWRITING IN
INSURANCE SECTOR
ARTIVATIC.AI

2. AI - THE NEW MAGIC IN
INSURANCE
Be it a Virtual Insurance Advisor, Smart Underwriter or Digital
Claims Adjuster, all use AI and cognitive technologies to address
needs such as: Digital Adoption, Customer Experience
Management, Operational Efficiency, Underwriting Profitability,
Claims Optimization and much more. Insurance carriers are also
combining various digital technologies complementary to AI and
machine learning to embrace digital disruption.

3. KEY TRENDS RELATED
TO AI IN INSURANCE
95% of insurance executives intend to
start or continue investing in AI
capabilities in the future
AI technique has the potential to create
between $100 Bn to $300 Bn in value
annually across insurance industry
40% of enterprises will be using
chatbots to facilitate business
processes using NLP interactions by
2019
15% of insurance CEO’s have planned
to put ‘significant’ investment towards
automation, AI and cognitive robotics
and 91% are worried about challenge of
integrating them into their existing
business and operating models
Over 85% of customer interactions to
be managed without humans by 2022
Al will have an impact as 3.2%
to 7.1% on insurance revenues
SOURCE: INTIFOTECH

4. UNDERWRITING
AND
LEGACY SYSTEM
Underwriting has always been considered as one of the
complex aspects of the insurance sector.
Underwriting processes have always been lengthy,
elaborate, and invasive leading to being viewed as an
obstacle to customer reach and applicants acceptance.
Traditional underwriting methods to select risks are useful
however the process is time-consuming and involves high
costs.

5. INTELLIGENT UNDERWRITING
The new and improved underwriting process streamlines the
entire flow by including new data sources and dynamically
analyzing them thereby reducing the invasiveness of risk
management and in a holistic way improving the risk selection
and policy values.
By leveraging disruptive technology like Artificial Intelligence,
analytics, and alternate risk engines, connected through well-
developed APIs, Intelligent underwriting algorithms can analyze
information to build customer profiles and uncover risks more
easily.

6. USE CASES OF AI IN UNDERWRITING
Ability to capture real-time customer data (wearables data,
environmental data, govt, social media, etc.) by performing risk
assessment on both historical and real-time data.
Ability to perform picture analysis to estimate smoking,
gender, BMI, and other information for better risk scoring.
Ability to provide automated verification of all
data points, documents extraction (printed,
medical, finance, handwritten, etc.), signature
along with compliance reporting.
Ability to improve claims management

7. HOW ARTIVATIC MEETS THE INDUSTRY DEMANDS?
Artivatic’s product- AUSIS helps meet
these industry demands by providing a
Smart Underwriting Cloud that can
connect or integrate with existing or 3rd
party apps through APIs for the end-to-end
processes.
Ability to capture real time customer data (wearables data, environmental data, govt, social media
etc.) and perform risk assessment basis both historical and real time data
Ability to perform facial analysis to estimate smoking, gender, BMI and other information.
Automated risk assessment across 1200+ parameters ( social, kyc , health, bureau,
behaviour , activities, govt)
Automated verification of all data points, documents extraction using OCR/ICR (printed,
medical, finance, handwritten etc.), signature alongwith compliance reporting
Rich decision making aptitude due to learnings from processing over 1 Mn+ insurance
policies and 100K+ Claims. Provides propensity to claims
Inbuilt Data & Journey Layer for 3 rd party data 1 click integration, embedded insurance journey, 1
click journey to connect for customer onboarding on any platforms website, partner, apps.

8. To know more or interested in our
product please CLICK HERE for the
DEMO. Interested to know more,
write to contact@artivatic.ai, and
Artivatic will get in touch with you.
For more insights, visit
https://blog.artivatic.ai/