PolicyMe, a Canadian insurance distributor and technology company, today announced its AI underwriting copilot. The company’s in-house engineering team built the tool. It helps underwriters review complex life insurance applications faster. Since launch, the copilot has cut underwriter turnaround time on complex cases by 59%.
Most PolicyMe applicants already receive an underwriting decision within seconds. The company credits years of investment in automated underwriting technology for that speed. However, some applications need a closer look at medical records, lab results, and other evidence. These cases can take days to resolve. Moreover, experienced medical underwriters remain in short supply across Canada, which adds to the delay.
PolicyMe measured the 59% reduction using internal data. The clock starts when an underwriter receives a complex case. It stops when the underwriter returns the case after review.
“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.”
How the AI Copilot Supports Underwriters
The copilot pairs advanced AI models with custom-built technology. Everything runs inside PolicyMe’s secure, isolated cloud environment. In addition, the tool supports underwriters through several of the most demanding steps in the review process:
- A purpose-built underwriting workspace. The polished, intuitive interface pulls medical records, lab results, and other supporting documents into one view. As a result, underwriters can quickly spot gaps that need follow-up.
- Review-ready case summaries. The copilot condenses lengthy, fragmented attending physician statements and other medical records into one structured summary. Then it surfaces a suggested underwriting decision with supporting evidence. Consequently, underwriters see the full picture and move faster, while they retain full control over the final decision.
- Better explanations for customers. The copilot generates tailored, easily consumable explanations for declined, postponed, or rated applications. It is a copy of the underwriter’s notes.
Human supervision is at the heart of the copilot’s design. All output is reviewed and approved by underwriters before it reaches a customer. PolicyMe also built traceability and validation into the development process. Each new version is tested on historical underwriting cases before deployment. And finally, technical safeguards that explicitly prevent the use of customer data to train the underlying AI models.
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News Source: Businesswire.com
