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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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From the Pros: Six Ways to Better Leverage IBM Datacap

Optical character recognition (OCR) a.k.a. capture technology has been around for a long time – like 103-years-long-time. You can trace it back to 1914 when Emanuel Goldberg developed a machine that read characters and converted them into standard telegraph code. In the days of Goldberg, this was an innovative technology on its own, but today, it is just one slice of the document processing technologies available to businesses.

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First Step to Building a FileNet System: Create a Solid ECM Strategy

Technicians struggle to rise above their everyday problems and look at the big picture, but it’s a necessary thing to do. To articulate a purpose and a strategy for IBM FileNet, you must identify how it will align with corporate directives and initiatives. After all, a company must be committed to the technology for the long run – to own it, staff for it, leverage it and count on it for business success and competitive advantage.

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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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