Insurance Underwriting

There ar Specific Analytics Tools with Discovery and Prediction capabilities (s.g. DECISION FORCE) that can predict and analyse the level of risk associated with a prospective insurance contract, for the sectors of:

• Life Insurance
• Car insurance
• Fire & Safety Insurance
• Health Insurance

In the cases above, the Tool receives a sample of past cases, some of which proved OK, while some other turned out to be risky. Each case is described by a set of attributes that detect its profile.

Based on those past cases, the Tool detects rules that dictate when an insurance application should be accepted or rejected with respect to the risk level associated with it.

Furthermore, for each new case, the company applies those rules, in order to predict the expected level of risk and get a recommendation on the acceptance of the case.

Using such methods, an insurance company can:

• Underwrite much faster and more accurately new applications
• Get objective and documented estimates on the expected level of risk associated with a new application.
• Ensure that all the underwriters use a unified, commonly accepted model of assessment and also learn explicitly the underwriting rules that are associated with various levels of risk.