Toronto, ON (Nov. 2, 2022) \u2013 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%.<\/p>\n
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.<\/p>\n
The copilot combines advanced AI models with custom-built technology, all operating within PolicyMe\u2019s secure, isolated cloud environment. It helps underwriters with several of the most demanding parts of the review process, including:<\/p>\n
\u201cInstant decisions for straightforward applications were the first problem we set out to solve,\u201d said Jeff McKay, CTO and Co-Founder of PolicyMe. \u201cThe most valuable application of AI in complex underwriting isn\u2019t replacing human judgment. It\u2019s removing the friction that surrounds it. We\u2019ve designed this copilot to do the heavy lifting on document review, summarization, and communication, while keeping our underwriters firmly in control of every decision.\u201d<\/p>\n
Human oversight is central to the copilot\u2019s 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.<\/p>\n
PolicyMe\u2019s engineering, product, and operations teams are growing. See open roles at policyme.com\/careers<\/a>.<\/p>\n 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<\/a>.<\/p>\n Source: PolicyMe via Category Communications<\/em><\/p>\n Tags: application<\/a>, Artificial Intelligence (AI)<\/a>, InsurTech<\/a>, InsurTech Spotlight<\/a>, launch<\/a>, Life Insurance<\/a>, PolicyMe<\/a>, virtual assistant<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":" With most applicants already receiving decisions in seconds, PolicyMe\u2019s new AI copilot has cut underwriter turnaround time on complex cases by 59% Toronto, ON (Nov. 2, 2022) \u2013 PolicyMe, a Canadian insurance distributor and...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[1],"class_list":["post-25550","post","type-post","status-publish","format-standard","hentry","tag-news"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/25550","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=25550"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/25550\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=25550"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=25550"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=25550"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}About PolicyMe<\/b><\/h4>\n