Underwriting Assistant

A "second brain" that helps expert underwriters tackle case complexity without experiencing cognitive overload.

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  1. What you're up against
  2. How it works
  3. What to expect
  4. Real stories, real results
  5. Get in touch

What you're up against Major roadblocks in the underwriting journey

  • Underwriting talent shortages are limiting growth

    Insurers increasingly struggle to find and retain experienced underwriters. As demand grows, this talent gap makes it difficult to scale underwriting capacity, slowing decision-making and holding back growth ambitions.​

  • Medical data complexity is slowing underwriting decisions

    Data arrives from multiple vendors in different formats with critical insights embedded in long medical documents, making applicant assessment difficult and increasing the risk of oversight and human error.​

  • Lack of transparency is limiting trust in AI-driven underwriting

    Faster underwriting increases the need for clear, traceable decisions, driving demand for AI solutions that are simple to govern, easy to validate and quick to deploy.​

How it works Accelerating underwriting detective work

Our Underwriting Assistant fits seamlessly into your existing underwriting ecosystem, picking up where automation leaves off. It utilises technologies including artificial intelligence to extract and organise key applicant data from referred cases, allowing underwriters to quickly apply their expertise where it is needed most. They avoid losing valuable time sorting through pages and pages of documents that may not be relevant.

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Referred cases

In many regions, the most advanced automated underwriting engines still refer a significant share of complex applications to manual underwriting after flagging additional requirements that require human review. This is where Underwriting Assistant comes in.

Data acquisition

Any structured data is collected by the insurer and passed on to Underwriting Assistant, such as Electronic Health Records (EHR). Any unstructured data is collected by the insurer and passed on to Underwriting Assistant, such as doctor’s reports, lab results or medical check-up results.

Manual underwriting support

Using optical character recognition (OCR), natural language processing (NLP) and large language models (LLMs), Underwriting Assistant ingests unstructured and structured applicant data, normalises it to conform to common metrics, and organises it into a convenient, intuitive dashboard. Rather than being forced to sift through hundreds of pages, underwriters have the data at their fingertips, organised coherently in one place.

Underwriting Assistant highlights areas where the automated underwriting engine already had sufficient information about the applicant, while alerting underwriters to impairments where gaps still exist and require further expert review. This way, underwriters know immediately where to focus their attention.

 

What to expect Evolve your manual underwriting process

  • Improve underwriter productivity

    Experience up to 50% savings in the time it takes to review cases kicked out of automated underwriting.​

  • Increase placement rates

    Cut down on the time from application to decision, reducing the risk of applicant drop off and increasing your chance of successful placement.​

  • Fast, flexible and proven to scale

    A solution that fits any underwriting setup, requires minimal IT effort and is proven at scale in live production environments – enabling rapid deployment.​

Article Reimagining life insurance underwriting

Life insurers have made steady progress over the past decade in automating their insurance underwriting. Even so, automation has its limits. Some applications that are initially assessed by automated platforms still require human underwriters to intervene, particularly when complex medical or financial risks are involved. In these cases, matching applicants with the right protection at the right premium depends on expert human judgment.

Learn more Reimagining life insurance underwriting

Real stories, real results Chief underwriter sees the value

  • Swiss Re’s MagnumXP Underwriting Assistant provides a powerful, data-driven approach that streamlines risk assessment and accelerates decision-making. By summarising key aspects of risks in a user-friendly interface, it empowers underwriters to make faster, more informed decisions, going beyond mere automation to truly enhance the underwriting process. This solution not only saves time but also ensures a more accurate, consistent approach to managing risk, which is crucial in today’s fast-paced insurance landscape.

Start your journey today

Ask our experts to explore how MagnumXP can help redefine the underwriting journey for you and your clients.

Contact us Start your journey today

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