ANZ OnePath has rebuilt its underwriting system, aiming to give customers who apply for OneCare insurance a simple and more intuitive experience, with the endgame of ultimately providing clients with a policy in real time.
The new system was developed in partnership with the University of Technology Sydney’s (UTS) Advanced Analytics Institute, using 10 years of OnePath data, artificial intelligence, data science and data analytics.
Speaking at the launch of the system at UTS, ANZ’s chief of underwriting, Peter Tilocca said that up until this point the industry had not made it easy for people to buy insurance and that ANZ OnePath had to “change the questions that we asked and the language that we used”.
The result was a more streamlined personal statement that took less time to complete, provided customers with more certainty and brought a new era of “plain speaking” to insurance.
“ANZ OnePath has taken underwriting innovation in a new direction, taking its own data and harnessing new tools such as AI and data analytics to make insurance a more intuitive and engaging experience,” Tilocca said.
Key features of the new underwriting system include: up to 30 per cent faster completion time for personal statements; higher straight-through processing and acceptance rates; an expected reduction in underwriting referral triggers of 2,300 a year; the addition of 3,000 medical conditions; and 1,000 medical aliases such as “tennis elbow” to describe medical conditions more aligned to everyday language.
Associate Professor Guandong Xu of the UTS Advanced Analytics Institute reiterated the power and value of using AI to transform underwriting.
“Using AI to stimulate people’s decision-making process, we have shown how AI has used big data, natural language processing and predictive modelling, to revolutionise a huge process such as underwriting,” he said.