We outline the market outlook for underwriting data platforms in life insurance – from investment trends, to leading companies, to recommendations for players in the space.
What are underwriting data platforms?
Underwriting data platforms collect and organize applicant and third-party data required by life insurance underwriters. They often bring together third-party alternative datasets like pharmaceutical records, credit scores, and motor vehicle records.
Insurers can tap into these data sources to extend their internal datasets and enhance the speed and quality of the underwriting process.
Features & capabilities
Underwriting data platforms provide life insurers with several capabilities and tools, including the following:
- Connections to a variety of digitized datasets
- Automatic organization, deduplication, and standardization of applicant data
- Automated underwriting decisions with a machine learning (ML)-based review of complex submissions
- Intelligent identification and categorization of life insurance providers’ clauses
- Artificial intelligence (AI)-enabled parsing of documents to identify, extract, and tag data for the underwriting process
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