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The Monstrous Obstacle in Life Insurance Underwriting

Talk to any life insurance company and they will tell you that attending physician statements (APS) (also referred to as digital or electronic medical records) are the biggest delay in underwriting new applications. Ordering an APS is expensive ($50-$150 each), takes time to retrieve (10-30+ days) and is necessary for 20-30% of all life insurance applications (and if it is reinsurance, they require an APS for each application).

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Disrupting Underwriting at the AHOU Annual Conference

A 2014 Oxford University study concluded that jobs in the “service” and “sales and related” categories have high probability (greater than .7) of computerization (computerization is job automation by means of computer-controlled equipment). According to a McKinsey Global Institute report, the underwriting profession is vulnerable to having at least 35% of its tasks automated. Now, before you dust off your resume, let’s think about this a little further.

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Cognitive Capture Reducing Risk in Life Underwriting

Recent advances in cognitive technology make life insurance underwriters more effective at assessing policy applications. This technology allows life carriers to extract key data from documents, process it into relevant information, and present it back to Underwriters – all within the context of their normal application review process. Anecdotal evidence indicates that this can increase the productivity of underwriters by 30% when assessing complicated applications.

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Tech Corner

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31 Questions to Ask Your Cloud Provider

There are a lot of things to consider when deploying a cloud solution: security, connectivity, maintenance, vendor. Without talking, understanding and planning for each element, a project can get messy and end up costing more than anticipated. To prevent this from happening, we compiled a list of questions every organization should ask before flying into the cloud.

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Additional Resources

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Applying IBM Predictive Analytics to IBM Case Manager to Create Cognitive Solutions [Presentation]

By combining IBM Predictive Analytics and Bluemix tools, you can tell which tasks, data and documents will lead a case to a more successful completion. These tools can extend both on-premise and cloud solutions that you may already have. We use predictive analytics to make a standard case solution smarter. This means knowledge workers can make decisions guided by cognitive components. With each case processed, the tool becomes more knowledgeable and accurate, taking case solutions to the next level. Below is a presentation we gave at IBM World of Watson.

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Utilizing Predictive Modeling to Meet Business SLAs [Presentation]

When businesses do not uphold service level agreements (SLAs) customer satisfaction drops, operational costs rise, and management oversight complicates. Discover how Pyramid Solutions uses IBM Bluemix, SPSS and IBM Case Manager to help businesses monitor and manage SLAs in the onboarding process. Below is a presentation we gave with Union Bank at IBM World of Watson.

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