Ten times faster underwriting modeling with thinktum’s modular suite

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Blog | thinktum-editor | June 1, 2023

Manual underwriting has been the foundation of insurance since forever but times and technology change and it’s just no longer the best way anymore. It’s far from it. More straight-through business is possible with the liz suite.

Underwriting made easy

An Underwriter’s job is to adjudicate Life Insurance applications based on their knowledge and experience. Traditional underwriting requires time, understanding, and ability. Underwriters use the information provided in the application, as well as third-party data sources to ascertain, confirm, and verify the applicant’s true health status in order to provide insurance coverage or not – according to their own organization’s standards. Each case is different, of course, but most paper applications are long and dense; additional evidence gathering might be required in the form of lab reports, a physical, doctors’ findings, and more. Phone calls and questions to the applicant are commonplace and in-person meetings may be necessary. In short, every Underwriter’s day is spent part playing medical investigator, detective, and call center staff rolled into one.

There’s a reality we need to bring up, however. Humans are unwittingly affected by all kinds of stimuli and circumstances. What if the Underwriter is having a bad day? Maybe they’re hungry, or didn’t sleep well the night prior. What if (for example) they just hate the name Crystal and find fault with every application someone named Crystal completes? You may scoff, thinking this doesn’t happen, but we just can’t say it doesn’t. Their physical and emotional state can affect their work and, in turn, perhaps even the organization’s bottom line.

Now, add on the potential of a heavy backlog of pending applications, and it can seriously affect how long a policy determination will take, leaving applicants in a holding pattern. The longer it takes, the more annoying the whole process can become.

Read how Underwriters can harness Artificial Intelligence (AI) to improve the client experience in Augmentation, the alliance of an era.

A frictionless & unbiased journey

A lot has changed in the past handful of years. Technology has advanced enough for thinktum to provide a frictionless user experience for the insurance industry. But what does that mean, specifically? Well, let’s break it down.

With thinktum’s liz suite, three distinct modules work both separately and together to provide:

  • An individual experience – no two journeys are identical because no two people are identical.
  • People can apply when and how they like – daytime, nighttime, and on whichever device they like best.
  • Every application uses both natural language as well as dynamic questioning. That means each question uses the answers previously provided to zero in and confirm as the applicant moves through the user journey. Confirmation is great, but this also ensures the fastest application process and maximizes honest disclosures. So it’s fast but it’s also verified for accuracy.
  • With machine learning, decisions are made based on the info collected, reflect the organization’s risk appetite, and are guided by the system’s human auditors. We ensure the proper guardrails are in place to protect the applicants as well as we protect our client organization.

thinktum’s solutions have been purposefully designed as glass-box tools, meaning the workings of the system are always visible to those who create the application journey, mainly Underwriters. This enables the business to explain when an applicant is denied coverage. Users can simply look into the system and provide the reason. It’s important to know however, with liz, the system is only functioning as it’s been designed to do. It can only act within particular confines. It does not make decisions on its own, but rather, humans build the system, reflecting their organization’s underwriting philosophy.

More security and faster determinations

With our liz suite, the entire process is personalized to the applicant and streamlined to ensure a fast, secure, and enjoyable user experience. In most cases, recommendations are made automatically, skipping underwriting staff altogether. That doesn’t mean they aren’t involved in the process, but they can focus on the files that need additional assistance, manual underwriting, or further follow-up. Visit our Solutions page and learn more.

The dynamic questioning used means less confusion for applicants since the questions are direct and unequivocal which seriously cuts down on honest errors.

A faster and frictionless user experience is delivered while supporting Underwriters and the business. Seems like a win-win for everyone.

Discover how our solutions work with your ground rules in Of risk appetite and underwriting philosophy.