Sixfold introduces new AI Underwriter for Life & Health
The program aims to speed up the underwriting process, with customers reporting a 55% reduction in case evaluation time
Underwriting artificial intelligence (AI) company Sixfold has launched the AI Underwriter for Life & Health, which produces case-level underwriting recommendations, rationale, and next actions across life, disability, long-term care, and critical illness.
The technology analyses applications and supporting evidence, including prescription histories, laboratory results, driving records, and financial information, applying an insurer’s own underwriting manual to assess mortality and morbidity risk.
It identifies relevant impairments and missing information before producing a recommended action – rate, refer, decline or postpone – together with its reasoning and citations to the underlying evidence and underwriting guidance.
Human underwriters retain oversight and can interrogate or adjust the AI’s recommendations.
Sixfold said the technology was intended to reduce the substantial manual workload involved in assessing complex life and health cases while improving consistency.
The company reported that customers using its technology had achieved a 55% reduction in case evaluation time and a 30% increase in premiums written per underwriter.
CEO Alex Schmelkin said the technology was designed around the complexity of underwriting decisions rather than simply using AI to summarise medical records.
Sixfold argues that automating the evidence-gathering and analytical stages should allow underwriters to concentrate more heavily on judgement, negotiating complex cases, and customer and broker relationships.