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Automated underwriting

The digital disruption has led to customers increasingly expecting underwriting that’s instant and non-intrusive. AI helps insurers break away from actuarial tables and draws upon additional data sources in order to provide underwriting decisions that reflect the specificity, nuance, and diversity in human life – automatically.

Eliminate manual follow-up

SparkBeyond’s AI-powered technology accurately depicts multifaceted individual behavior and helps build optimal risk profiles specific to an individual or an event.

Challenges
  • Actuaries use static population averages to determine risk, which means individuals fall into one of the relatively few price bands.
  • Manually analyzing complex medical data to evaluate risk is a long, manual, expensive and deeply imperfect process.
  • Customers increasingly expect low-touch, low-friction products.
Opportunity
  • AI helps directly underwrite customers without further medical assessment, leading to improved customer experience and reduced medical costs.
  • Leverage AI to assign risk by responding to the unique profile and properties of each individual (instead of assigning them to a group based on crude averages).
  • Improve underwriting efficiency and operations by prioritizing data sources to use based on availability and cost.
Why SparkBeyond
  • SparkBeyond’s external data network complements incomplete data profiles, increasing the accuracy in underwriting, as well as enabling its automation.
  • Our transparent AI allows all departments to benefit from interpretable insights that are fair, unbiased, and in compliance with regulations.
  • SparkBeyond’s automated underwriting solutions have generated hundreds of millions of dollars in impact, while being replicated across global business lines.

Learn more

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Use case

Claims management

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Use case

Fraud detection

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Use case

Customer churn

Become the insurer of tomorrow

Learn how you can reshape your customers’ experience with transparent, compliant AI that impacts your top
and bottom lines.

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