Licensee explores AI insurance underwriting

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ANZ Wealth has teamed up with the University of Technology Sydney’s Advanced Analytics Institute to look into ways artificial intelligence can be applied to the insurance underwriting process.

In a statement, University of Technology Sydney’s Advanced Analytics Institute (UTS AAI) said the two organisations will work together to understand the ways artificial intelligence can improve the client experience.

“This collaboration combines the expertise of UTS and ANZ to explore how big data, client behaviour modelling, text mining and natural language programming, along with social and predictive analytics all can add value in the insurance sector,” said UTS AAI associate professor Guandong Xu.

“An intelligent underwriting model will harness machine learning to provide opportunity for insurers to develop more efficient and reliable assessment processes.”

ANZ Wealth chief underwriter Peter Tilocca said AI applications have the potential to provide clients with a higher standard of service.

“A data-driven model provides the opportunity to create a more personalised, efficient service with improved quality assurance for our customers when they apply for insurance,” he said.

“AI can also provide our advisers with a differentiated service that supports them in building trusted relationships with their clients.”

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