Insurance technology startup Artivatic has launched ‘AUSIS’, a smart underwriting platform for better risk and fraud analysis. AUSIS is a smart, AI-based underwriting platform with personalized pricing, risk, and decisions too.
This developed will helps in digitising medical records, KYC, and application forms to verify, and build personalised profiles in combination with historical data and business rules of the product.
This platform enables in-depth individual health-risk analysis and suggests the underwriting decision in less than 60 seconds.
“AUSIS is basically an AI-based underwriting platform, a decision-making system that helps insurance companies in profiling a customer, understanding the risk associated with him/her and decide whether a person is eligible for a particular health or life insurance policy. It develops a profile of risk and evaluates whether a particular individual will be able to pay a premium. It also checks and ensures whether a customer has any kind of risk, or fraud associated with him to help insurance companies avoid any kind of loss. The AI driven data analysis by this product checks the validity and proof of age, gender and other parameters given by a customer while buying a policy,” says Layak Singh, Co-Founder of Bengaluru based insurtech startup Artivatic.
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The AI-based smart underwriting system is enabling underwriting transformation for insurance.
“Most people are not visiting banks or finance companies now for buying life and health insurance. The paperwork or legacy system has been replaced by digitisation of insurance companies, so the insurance agents also need to upskill themselves to understand the use of AI, data, Machine Learning in the processing of risk. It will help insurance companies to develop better risk, better profiling, and better way of delivery of a product or policy. AUSIS platform is a futuristic effort in this direction. A lot of innovation has happened in insurance industry and a lot more will take place in the next 3-5 years,” adds Singh.
