AI-Driven Underwriting Project Qorus Innovation in Insurance Awards 2020 - Winner

The AI-Driven Underwriting Solution is a truly-game-changing for the global insurance/wealth management sector. For 20 years underwriting processes haven’t changed. With over 100 questions per application, greater than 1000 possible exclusions/loadings manually assessed, customer offers can take a month, leading to uncompleted applications and significant decreases customer experiences. Zurich One-Path, Australia’s leading insurance provider required a solution to simplify the life insurance application process- making it easier, quicker and more affordable for customers. One-Path partnered with University of Technology Sydney (as no off-the-shelf product was available) to harness the power of big data and machine learning to transform the life insurance sector from heavily manual, lengthy underwriting processes orientated business, to a business empowered by AI and data insights to develop automated real-time decision-making tools, providing an insurance outcome in seconds, whist still maintaining regulated risk frameworks. The solution won numerous national Australian awards - Best Application for Data Analytics, Best Industry Application of AI, Disruptor Winner-Skills Transformation of Work Teams, Gold Disruptor in Service Transformation for Digital Customers. Current outcomes • Enabled OnePath to enter a new world of underwriting - empowered by AI/big data insights making the insurance process easier including; • 30% faster completion rates • Streamline business process -AI Virtual Underwriter for standard applications, underwriters for complex applications • Automated Quality Assurance System for all virtual/human underwriting applications to ensure easier processing of future claims • Advisers rating system 8.1/10, 83% rating >9/10) • Improve customer experiences (including client URL, teleinterviewing) • Savings in operational costs, whilst increasing cover to more Australians.