Automating the Underwriting of Insurance Applications
نویسندگان
چکیده
An end-to-end system was created at Genworth Financial to automate the underwriting of Long Term Care (LTC) and Life Insurance applications. Relying heavily on Artificial Intelligence techniques, the system has been in production since December 2002 and in 2004 completely automated the underwriting of 19% of the LTC applications. A fuzzy logic rules engine encodes the underwriter guidelines and an evolutionary algorithm optimizes the engine’s performance. Finally, a natural language parser is used to improve the coverage of the underwriting system.
منابع مشابه
Enhancement in Predictive Model for Insurance Underwriting
Underwriting is the most important process of a business where a slight miscue can lead to blunders. An insurance organization’s success depends upon the correct assessment of the possible risks associated with each application. Hence, the role of an underwriter becomes crucial. Predictive Analytics takes into account the statistical data and past records of the proposed insured to analyze the ...
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متن کاملProblem Description
MetLife processes over 300,000 life insurance applications a year. Underwriting of these applications is labor intensive. Automation is difficult since they include many freeform text fields. MITA, MetLife’s Intelligent Text Analyzer, uses the Information Extraction --IE-technique of Natural Language Processing to structure the extensive text fields on a life insurance application. Knowledge en...
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MetLife processes over 300,000 life insurance applications a year. Underwriting of these applications is labor intensive. Automation is difficult since they include many free-form text fields. MITA, MetLife's Intelligent Text Analyzer, uses the Information Extraction --IE-technique of Natural Language Processing to structure the extensive text fields on a life insurance application. Knowledge e...
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