Underwriting Process AI/ML Empowerment

Underwriting Process AI/ML Empowerment

The client is in the business of providing specialty insurance and underwriting services. As with all Insurers, underwriters at our client also grapple with a sea of data flowing in from
multiple sources, in multiple formats, to gauge risk on a case by case basis. When data is optimized, it becomes easier to analyze and codify risk, predict severity, and generate accurate quotes.

The decision to leverage AI/ML to help underwriting functions achieve efficiency and standardization across the business was a smart strategic decision made by the global underwriting service provider. Our Decision Sciences Lab assessed the client requirements and deployed ML solutions to organize and analyze data to derive timely, relevant,
and useful information. Our solutions are specifically designed to help customers like these automate claims and underwriting processes.

The key challenge was to uncover important information, which could help to effectively segment losses. This information is often hidden in the unstructured notes on individual claim messages and sea of data, making it an apt use case for AI in underwriting.

Our Approach:

  • 6 different Marine related taxonomies built for easy Natural Language Processing
  • Converted al the unstructured data to structured data
  • 5 statistical algorithms tried and tested for cause of loss extraction and finally chose Random Forest learning algorithm
  • Detected patterns and trends by analyzing the vessel type and damage claims
  • Built a UI for the underwriters to see the recommendation for any new policy

Business Benefits

With our Machine Learning solutions, the client was able to reduce time and efforts involved, and arrive at an improved, efficient Marine Underwriting model.

  • NLP/ML based model built and deployed with over 90% accuracy
  • One year after the solution went into production, there was a reduction of effort by 33% in the Underwriting process

To learn more about how Hexaware helped the Insurance underwriter transform their analytic environment and automate underwriting processes, download the case study now.

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