The CTO and his team were intrigued by emerging technologies, including the rise of no-code, artificial intelligence, and machine learning in their industry. But which solution was right for them?
The team reached out to thinktum, an insurtech enabler, with the following list of questions:
1. How can we improve our Underwriting Program process to ensure over 70 percent of new application business be instantly achievable without human intervention? And then with time, to improve the system to over 90 percent?
2. How can our company maintain or improve accuracy, as well as increase honest disclosure and avoid fraud and misrepresentation with an automated process?
3. How can we monitor and update the process easily?
And thinktum’s team provided these recommendations:
1. thinktum’s personalized underwriting rules engine module, liz assess, supports any and all combinations of underwriting models. Underwriting flows can be adjusted easily to the desired risk appetite and can optimize automation to over 90%. Human intervention is typically only required for some unusual cases and quality assurance purposes. liz assess differs from other automated underwriting platforms by applying hyper-personalization algorithms. It assesses risk in a detailed and unpredictable manner, maximizing the proposed insured honest disclosure. By doing so, the system can more quickly identify and mitigate risk and fraudulent activity than a human can. thinktum’s modular solution is also so highly personalized that it minimizes misrepresentation and fraud.
2. thinktum’s Pure no-code technology is designed to be easily deployed, maintained, and upgraded with minimal IT resources. After its implementation, it allows business experts (e.g., actuaries, underwriters, business analysts, etc.) to easily create, monitor, adjust, and update the process instantly and as frequently as required, without the need for IT resources.
3. Finally, thinktum’s modular technology suite, liz, has been designed to provide real autonomy and transparency for business experts within insurance companies. liz assess powers a hyper-personalized customer journey and experience, collecting more detailed and relevant data to achieve a greater risk assessment precision, minimizing human intervention, and making the entire process faster.