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The Future of AI in Life Insurance Underwriting

Published On
June 28, 2023
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Artificial intelligence, more commonly referred to as AI, is the future for countless industries. In the dynamic world of insurance underwriting, staying ahead of the curve is crucial, which is why many are considering the adoption of AI tools right now. DigitalOwl is set to revolutionize the industry with groundbreaking AI technology, particularly our proprietary Generative AI model designed specifically for medical and insurance underwriting. Recently, we took part in the Insurtech Insights conference in New York to give more information about our Generative AI software, an Alpha version of our product that will go into production next year, as well as the future of AI in life insurance underwriting. In this blog, we will explore some of those topics as well as the exciting capabilities of DigitalOwl's AI tools for life underwriting and how we will enhance the role of underwriters.

Empowering Underwriters

We live in one of the most technologically advanced moments in history, with more AI advancements coming out day-after-day. At DigitalOwl, we’re excited to be pushing the envelope when it comes to Generative AI in underwriting and claims analysis. One of the most significant advancements our AI offers is the ability to assist underwriters with making decisions based on their internal policies and procedures . This feature is set to become the new co-pilot and assistant for insurance professionals, allowing them to make more informed decisions more efficiently. By harnessing the power of Generative AI, underwriting and claims analysts will receive intelligent suggestions aligned with their manuals and guidelines, streamlining the decision-making process and enhancing accuracy. Generative AI can completely change the landscape of life underwriting — allowing underwriters to make accurate decisions in a fraction of the time.

Unlike other AIs that incorporate generative text, our software is not a black box AI, which is a term we’ll discuss further in the paragraphs below. All of the outcomes our AI formulates are explained and reviewable by simply clicking through the information. These decisions are the same decisions a human would make when reviewing the same information — but more efficient, accurate, and without bias.

"Interviewing the Physician"

Imagine the ability to directly interact with medical records and receive comprehensive answers in real-time. With DigitalOwl's Generative AI software, this vision becomes a reality. Insurance professionals will be able to "interview the physician" by asking targeted questions to medical records and obtaining immediate responses. One of the panelists at the conference, Erin McClintock, the Director of Underwriting Innovation at Nationwide Financial, had this to say about Generative AI: “[Generative AIs] are pulling out key abstract words and phrases from medical records that our underwriters can really hone in on, and really embrace a new technology that’s evolving the underwriting.” This transformative technology empowers underwriters to gather crucial insights, enabling them to make well-informed decisions based on accurate and up-to-date information.

Tailored Suggestions and Enhanced Efficiency

Generative AI tools provide underwriters with tailored suggestions based on their specific underwriting manuals. These intelligent suggestions enhance efficiency by guiding underwriters towards more accurate risk assessments. By leveraging the power of generative AI, we can ensure that underwriters have the most relevant and reliable information at their fingertips, enabling them to excel in their decision-making process.

No Black Box, No Hallucination

A large concern for those looking to use AI for their underwriters is the possibility of hallucinations, which is AI making up information that doesn’t actually exist. Another concern is a black box AI, or an AI system whose operations and conclusions aren’t explained to the user. These AI models can come to decisions without providing any reason or log as to why. DigitalOwl takes pride in developing our own proprietary Generative AI model that has been fine-tuned exclusively for medical and insurance needs.

Combining three proprietary technologies, the entity extraction model, our generative text model, and the medical knowledge base, we can enjoy the benefits of generative text while keeping it in check. Unlike relying on third-party vendors, DigitalOwl has complete control over the technology we employ. This ensures transparency and eliminates any concerns regarding black box algorithms or hallucinations. By using our proprietary Generative AI software, our AI provides a trustworthy and reliable solution to the underwriting process.

Squashing Misconceptions

AI is a relatively new tool, especially for those in the life insurance and underwriting industries. In our panel at the Insurtech Insights conference, we highlighted points such as the absence of a black box and the elimination of hallucinations that some Generative AIs experience, proving DigitalOwl's dedication to providing a dependable and transparent solution. Another panelist at the conference, Dave Rengachary, SVP and Head of Underwriting at RGA Inc., had this to say about Generative AI: “I think it’s a mistake to say the AI is developing the decision. AI is mapping it — correctly — to the manual.” By leveraging our proprietary Generative AI model, DigitalOwl establishes itself as a trusted partner in the underwriting process, assuring users that our technology is grounded in reliability and accuracy.

The future of AI tools for life underwriting is here, and DigitalOwl is leading the way. By combining the power of Generative AI, automated underwriting suggestions, and the ability to "interview the physician" through medical records, DigitalOwl's AI tools empower underwriters to make more informed decisions efficiently. With tailored suggestions, enhanced efficiency, and a commitment to transparency, DigitalOwl is revolutionizing the underwriting process. With our upcoming feature releases, the industry can anticipate increased efficiency, accuracy, and ultimately, better risk assessments. The future of life underwriting is brighter than ever, thanks to DigitalOwl's groundbreaking AI tools.

Contact DigitalOwl to answer any questions you may have about our Generative AI, and see how you can get started on your services with us today

About the author

DigitalOwl is the leading InsurTech platform empowering insurance professionals to transform complex medical data into actionable insights with unprecedented speed and accuracy. “View,” “Triage,” “Connect” and “Chat,” with medical data for faster, smarter medical reviews, and create “Workflows” to experience dramatic time savings with fast, flexible decision trees.