Promise and Precaution: Underwriting Software and the Need for Guardrails

Life insurance technology is undergoing a significant transformation, driven by advancements in automation and AI. This touches all aspects of the life insurance value chain, but is no more apparent than in the underwriting space, where traditionally paper-led and human-dependent processes have long been cost drivers for carriers. 

The potential positive impact is profound: through the incorporation of AI, modern underwriting software solutions can help reduce administrative overhead and streamline decisioning. 

However, while the AI revolution is already providing benefits to carriers and consumers, there remains an urgent need for thoughtful strategy, vigilant oversight, and carrier accountability.

In a new white paper, we dive into the trend of AI-enhanced underwriting software and explore:

• The positive impacts AI is having on underwriting technology, in some cases reducing underwriting processing times up to 31%
• The potential pitfalls carriers must watch out for, like gender and race-based bias that could leave the door open to running afoul of regulators and even eroding public confidence
• Potential solutions to help carriers mitigate risk, such as “Responsible AI” practices that can help increase visibility and accountability
• Organizational readiness assessment and what to look for (and look out for) when vetting potential AI provider partners

Want to read about all of the above in deeper detail?  👉 Get the full white paper: Benefits, Risks, and Strategies for AI in Underwriting