Accelerated Underwriting for Life Insurance

Underwrite More Policies in Less Time

Enhance your underwriting process with a solution that leverages the latest in case management, cognitive capture, advanced analytics and workflow technology to reduce the time it takes to process an application.

Powered by Cognitive Capture & Advanced Analytics

From obtaining customer information to approving applications, our Life Underwriting Solution complements your existing underwriting system to accelerate the process every step of the way.
data capture for life insurance underwriting

Only Review Information That Matters

How much time could your underwriters save if they only had to review the information that mattered the most? Information that pertained to the three leading causes of death: heart disease, diabetes and cancer.

If they instantly knew an applicant had any indication of these in their file would it save them money and time to quickly deny the applicant?

That’s exactly what the Pyramid Solutions Life Underwriting Solution does. It captures anything related to the three leading causes of death, cleans the information by removing duplicates, identifies handwriting, and classifies the information into easy-to-consume dashboards and reports, providing underwriters with one-cilck access to information.

For example:

If your capture system gave you a name such as “Dr. Williams,” it would be meaningless. Nothing can be done with “Dr. Williams.”

If it put the word “Cardiologist” in front of it, you have an idea of what the name means. If an address is also provided, now you have something to work with.

Natural language processing for Underwriting

Gain Deeper Analytical Insights

Data is the key to the underwriting process. Your underwriters depend on data to make accurate and consistent decisions on whether to approve or deny an applicant. But their decisions are rooted in their experience and knowledge.

With our built-in analytics, you can loosen dependence on senior underwriters and unlock the value of your data to provide accurate and consistent rating scores. Easily understand:

  • Key health indicators
    • Average body mass index
    • Disposition of diabetes
    • Mortality differentials
  • Risk scores based on data sources from:
    • MIB
    • MVR
    • Prescription history
    • Policy application
    • Lifestyle data
    • MIB Insurance Activity Index
  • Individual Risk insights
    • Diagnostics conditions
    • Potential conditions
    • Lifestyle
    • Credit score
  • Geographic clusters based on cancer, diabetes and heart disease
    • Estimated deaths in upcoming years based on historical data
      • Past incident ratings
Natural language processing for Underwriting

Streamline With Automation

Automation is the key to efficiency. The Life Underwriting Solution automates mundane tasks to ensure your underwriting department is operating at its highest productivity levels possible. Ask us to see how our Life Underwriting solution can:

  • Assign tasks and cases to specific underwriters based on skill level
  • Facilitate application approvals and denials
  • Request more information from clients
  • Put an application on hold
  • Perform searches
  • Pull information from third-party data sources
  • Publish and share underwriter notes
  • Request an APS
  • Check if the applicant has applied before
  • Check to see if the applicant has any previous fraudulent activities
  • and more.
data capture solution for underwriting

Work from a Single Interface

An underwriter’s workbench is a culmination of all the capabilities that the Life Underwriting Solution has to offer.

With a unified view, underwriters no longer need to jump from application to application to complete their work. They now have access to many tools and capabilities:

  • Customized or pre-built dashboards for easy assessments
  • Built-in “to-do” lists to keep them on track
  • Split a document apart
  • Merge documents together
  • Redact sensitive information before sending it out
  • Collaborate in real-time with colleagues
  • Take notes about your decision and publish them
  • Organize case documents
  • Search, find, view and share content

…just to name a few.

data capture for life insurance underwriting

Extend Your Initial Investments

If integrating a new life underwriting system sounds scary because you envision high costs and downtime, rest easier at night knowing that’s not how our Solution works.

With our Life Underwriting Solution, you won’t have to shut down productions because it is designed and built to complement your existing process by seamlessly integrating into it and offering a smooth experience for your underwriters.

data capture solution for underwriting

See the Bigger Picture

With the Life Underwriting Solution, underwriters and their managers get a complete view of the underwriting process.

Task lists display all the completed and upcoming tasks needed to move an application through the process so managers and underwriters can see what steps are left in the process, what stage the application is in and what work has already been completed. Comprehensive dashboards can display your team’s throughput rates, where bottlenecks exist, which applications are in danger of taking too long and how old an application is. A comments feed reveals real-time conversations between teammates and notes from underwriters regarding decisions made on an application. Case folders contain all the content associated to an application.

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Underwrite Efficiently

 

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Reduce Overall Risk

 

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Produce Consistent Ratings and Risk Scores

 

What’s so visionary about the Life Underwriting Solution is how it applies case management functionality to the cognitively captured data. After it captures only relevant data, it applies workflows, rules and analytics to alleviate one of the biggest pains that underwriters experience – flipping through page after page looking for risky information.

Bill Rachilla

Product Manager, Pyramid Solutions

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