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Kyobo Life Insurance rolls out AI-based underwriting system

In View Summary

In Korea, Kyobo Life has announced the launch of its new AI-based underwriting platform called Best Analysis and Rapid Outcome (BARO). The platform employs machine learning technology with the ability to process large amounts of natural language data.

Kyobo life’s AI-based underwriting platform employs machine learning technology and has the ability to process large amounts of natural language data

The platform provides real-time services to sales staff and customers. The platform leverages Kyobo Life’s underwriting manual to facilitate online deliveries by enabling instant communication with its sales staff. BARO’s intelligence allows for easy approval or denial of insurance contracts with the help of screening criteria for pre-existing conditions and medical history. On approval, BARO provides five options to Kyobo’s agents to decide on next steps. The agents are also supplemented with templates based on past results with 10+ different response scenarios.

Since this automation takes care of low-risk insurance solutions, the underwriters can focus more on high-risk insurance products. The platform is not rule-based and can also deal with complex products.

BARO won the Technology Initiative of the Year title at the 23rd Asia Insurance Industry Awards 2019 which was held in Singapore.

According to Kyobo, “BARO is designed not only to have the same rational thought process like human beings but also process word-specific inquiries. This helps sales consultants save time in reviewing insurance subscription requests. BARO is a self-learning, accuracy-improving system that can process highly complicated requests with special terms and conditions applied”.

The Digital Insurer's View

Incumbent underwriters are burdened with the manual and slow process of collecting and reviewing long pages of submitted documents. This leaves them with little time to devote themselves completely to actual risk assessment. This also handicaps them from making use of historic datasets to innovate and develop new risk management strategies. This is where Artificial Intelligence (AI) will play a key role. Take for example, Aon and Zesty.ai’s AI underwriting proposition.

AI helps underwriters by automatically handling low-risk cases which will leave time for underwriters to focus on complex risks. AI also helps in reducing turnaround times, improves accuracy and aids in further streamlining the whole underwriting process. Another level of optimisation is for the agents who can readily close their sales calls with low risks on the spot, which can also improve customer experience.

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