Australian insurance, investment and superannuation provider ANZ OnePath has announced the launch of its new predictive underwriting system. Powered by artificial intelligence (AI) and big data and created in partnership with the University of Technology Sydney’s Advanced Analytics Institute, it has been designed to simplify the application process for customers buying insurance and make it more intuitive.
According to ANZ OnePath, the new system allows customers to apply for insurance 30-per-cent faster than via the traditional route, as the AI-driven process offers a higher level of straight-through processing and acceptance rates. It is projected to reduce underwriting referral triggers by almost 2,300 annually; the engine has also added 3,000 more medical conditions to its database.
“ANZ OnePath has taken underwriting in a new direction,” commented Peter Tilocca, Chief of Underwriting at ANZ, “taking its own data and harnessing new tools such as AI and data analytics to make insurance a more intuitive and engaging experience.”
Guandong Xu, a professor at the UTS Advanced Analytics Institute, explained that by using AI to simulate the decision-making process of a human customer, researchers have been able to illustrate how useful AI, big data, natural language processing and predictive modelling can be for processes such as underwriting; the ongoing partnership between the insurer and the university is investigating how client behaviour modelling, text mining and natural language processing, as well as predictive analytics, can be used to add value and efficiency throughout the insurance sector.
ANZ OnePath has also recently partnered with Google and Gresham to pursue other innovative digital initiatives.