PolicyMe Launches In-House AI Copilot to Speed Up Complex Life Insurance Underwriting
With most applicants already receiving decisions in seconds, PolicyMe’s new AI copilot has cut underwriter turnaround time on complex cases by 59%
Toronto, ON (Nov. 2, 2022) – PolicyMe, a Canadian insurance distributor and technology company, is pleased to announce its AI-powered underwriting copilot, built by its in-house engineering team to help underwriters review complex life insurance applications faster. The copilot brings case records into one workspace, summarizes them, suggests a decision with supporting evidence for underwriter review, and drafts plain-language explanations for customers. Since launching, it has cut underwriter turnaround time on complex cases by 59%.
Today, the majority of PolicyMe applicants receive an underwriting decision in seconds, thanks to years of investment in automated underwriting technology. Applications that need a closer look at medical records, lab results, and other evidence can take days to resolve, especially as experienced medical underwriters remain in short supply across Canada. The 59% reduction, based on internal PolicyMe data, is measured from when an underwriter receives a complex case to when they return it reviewed.
The copilot combines advanced AI models with custom-built technology, all operating within PolicyMe’s secure, isolated cloud environment. It helps underwriters with several of the most demanding parts of the review process, including:
- A purpose-built underwriting workspace. With a polished, intuitive user experience, it brings medical records, lab results, and other supporting documents into one view, helping underwriters quickly identify any gaps that need follow-up.
- Review-ready case summaries. It turns lengthy, fragmented attending physician statements and other medical records into one concise, structured summary, then surfaces a suggested underwriting decision with the supporting evidence. This helps underwriters understand the full picture and move faster while retaining full control over the final decision.
- Clearer explanations for customers. The copilot drafts personalized, easy-to-understand explanations for declined, postponed, or rated applications, drawing directly from the underwriter’s notes.
“Instant decisions for straightforward applications were the first problem we set out to solve,” said Jeff McKay, CTO and Co-Founder of PolicyMe. “The most valuable application of AI in complex underwriting isn’t replacing human judgment. It’s removing the friction that surrounds it. We’ve designed this copilot to do the heavy lifting on document review, summarization, and communication, while keeping our underwriters firmly in control of every decision.”
Human oversight is central to the copilot’s design. Underwriters review and approve everything the copilot produces before it reaches customers. PolicyMe built traceability and validation into its development process, testing new versions against historical underwriting cases before deployment, and technical safeguards explicitly block customer data from being used to train underlying AI models.
PolicyMe’s engineering, product, and operations teams are growing. See open roles at policyme.com/careers.
About PolicyMe
PolicyMe is a Canadian insurance distributor of life, critical illness, and health & dental insurance products directly to consumers online. To date, the company has helped over 50,000 Canadians secure more than $20 billion in coverage. PolicyMe also offers B2B2C solutions, partnering with organizations to embed digital insurance into their own customer experience. Founded in 2018 by a team of insurance experts and technology entrepreneurs, PolicyMe is committed to making insurance more accessible. For more information, visit www.policyme.com.
Source: PolicyMe via Category Communications
Tags: application, Artificial Intelligence (AI), InsurTech, InsurTech Spotlight, launch, Life Insurance, PolicyMe, virtual assistant