Technology provider, UnderwriteMe, has launched an AI Engine for post-issue audits, aiming to detect misrepresentation for life insurance policies.
The program works by comparing application disclosures with medical evidence obtained after policy issue, including GP reports or medical records, to validate underwriting decisions and pricing made by insurers. The program is available to UK life insurers using UnderwriteMe's Decision Platform. UnderwriteMe said it engaged in beta testing of the program with four major UK life insurers, it saw a 98% misrepresentation detection rate. Also during beta testing, the provider registered a 75% reduction in underwriter review time on clean cases where no misrepresentation was detected. ...
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