ANZ Wealth has joined with the Advanced Analytics Institute (AAI) at the University of Technology Sydney (UTS) to announce what they described as “a collaboration to explore opportunities for artificial intelligence (AI) to improve the insurance underwriting process.”
In an announcement released today, the two parties said the collaboration would combine 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 could add value to the insurance sector.
“An intelligent underwriting model will harness machine learning to provide opportunity for insurers to develop more efficient and reliable assessment processes,” Associate Professor Guandong Xu of UTS AAI said.
As part of the collaboration, ANZ Wealth will be working with UTS to explore how AI can improve the customer experience throughout the insurance application process.
ANZ Wealth chief underwriter, Peter Tilocca said a data-driven model would provide the opportunity to create a more personalised, efficient service with improved quality assurance for customers when they applied for insurance.
“AI can also provide our advisers with a differentiated service that supports them in building trusted relationships with their clients,” he said.
