Swiss Re has developed a new platform, Underwriting Ease, to streamline complex life insurance underwriting by combining artificial intelligence with human expertise.
The initiative was led by the company’s Group Digital & Technology Organization in collaboration with its Life & Health Reinsurance unit.
The system uses technologies such as optical character recognition, natural language processing, and large language models to extract, standardize, and organize key applicant information from cases referred for manual review.
Swiss Re says that automated underwriting engines, including the company’s Magnum, have enabled life insurers to process a large portion of applications without manual intervention. In some markets, up to 90% of applications are processed straight through, though the global average is closer to 75%.
In the US, even advanced systems still refer a significant share of applications to manual underwriting due to complex medical or financial considerations.
One of the first insurers to adopt the platform is The Savings Bank Mutual Life Insurance Company of Massachusetts (SBLI). The company reports that the system can optimize manual underwriting work by up to 50%, reducing the time needed to process referred cases and enabling its underwriters to focus on the most complex aspects of risk evaluation.
Underwriting Ease was designed to address the workload in these referred cases. It compiles application disclosures, third-party data such as motor vehicle reports and prescription histories, electronic health records, physician statements, lab results, and other information into a single dashboard.
The platform is also designed for seamless integration into existing underwriting workflows. It works with Swiss Re’s Life Guide system or other underwriting manuals, giving insurers flexibility in how they implement it.
The platform has been deployed in North America and is undergoing proof-of-concept testing with clients in the UK, France, Germany, and Asia. It can operate as a stand-alone system or integrate with a life insurer’s existing underwriting tools, including any referral rule engine and underwriting manual.
Swiss Re said the tool also provides a training benefit, with its standardized interface and instructional modules helping new underwriters develop skills more quickly. Data collected through the platform can feed back into underwriting models, potentially enhancing the accuracy of automated systems over time.
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