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.
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”.