Pacific Life Re and UnderwriteMe are collaborating with the National Centre for Text Mining (NaCTeM) at the University of Manchester to develop a system that combines text mining and machine learning techniques to process medical data on life and health insurance applicants and claimants.
Text mining streamlines the information that the underwriter or claims assessor needs to review and offers the option to fully automate decisions.
The companies claimed the emergence of electronic medical reports offers the ability to improve customer service through faster automated processing.
The finished product will be accessible from UnderwriteMe’s suite of technology.
Martin Werth (pictured), chief executive of UnderwriteMe, said that by removing existing inefficiencies, it will deliver a superior experience for customers, intermediaries and insurers.
Warren Copp, chief underwriter at Pacific Life Re, added: “Our focus is on making life and health insurance simpler, faster and fairer through supporting insurers with UnderwriteMe’s transformational digital capability. The text mining module component will be another exciting addition to UnderwriteMe’s technology suite.”