WellAged Underwriting Portal

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The insurance industry is focused on increasing digital distribution and enabling agents with digital tools. However, traditional underwriting processes often impede these objectives because the processes require manual data processing and medical exams, limiting the efficiency and scalability needed for modern insurance operations.

The Wellaged Underwriting Portal addresses these issues by leveraging new data sources and AI risk scoring to revolutionize the underwriting process. This platform supports insurers in adopting AI-assisted underwriting with external health data, offering precise risk predictions. By transforming complex health data into actionable insights, the Wellaged Underwriting Portal enhances decision-making accuracy and efficiency.

Digitized underwriting through the Wellaged Underwriting Portal provides proper risk controls in a digital environment, enabling the creation of more personalized and easily accessible products through automated underwriting. This solution enhances risk assessment capabilities, reduces operational costs, and improves customer satisfaction by leveraging digital data sources such as activity monitors and Electronic Health Records (EHR). It ensures data accuracy, regulatory compliance, seamless integration, and robust data security, addressing the industry's critical pain points and modernizing underwriting practices.

By implementing the Wellaged Underwriting Portal, insurers can achieve significant advancements in digital distribution via embedded insurance and agent enablement, aligning with modern market demands and technological advancements.

Key Features

  1. AI-Enhanced Risk Models: Trained on extensive, 10-year longitudinal health datasets from several Asian countries, encompassing over 33 million data points, these models deliver precise risk predictions.
  2. Data-Assisted Decision Making: Increases straight-through processing, allowing underwriters to focus on complex cases by providing data-driven insights.
  3. Comprehensive Data Integration: Seamlessly integrates a wide range of digital health data sources, transforming previously unmanageable datasets into meaningful risk signals.
  4. Robust Data Security: Ensures the secure handling of sensitive health information, maintaining compliance with regulatory standards and protecting customer privacy.
  5. API-Accessible Risk Scoring: Risk scoring is available via API, enabling integration as a risk scoring layer into any digital application for seamless incorporation into insurers' existing digital ecosystems.

Key Benefits

  1. Competitive Offers and Relaxed Underwriting
    Lydia AI's high-accuracy risk prediction and granular customer risk grouping enable insurers to provide more competitive offers and relaxed underwriting thresholds. This is achieved through sophisticated predictive models that consider a multitude of health factors, leading to better underwriting decisions.

  2. Improved Underwriting Efficiency
    Our risk-scoring mechanism applies straight-through processes to lower-risk cases, allowing human underwriters to focus on more complex cases. This enhances overall productivity and speeds up policy issuance.

  3. Increased Sales with Pre-Approved Product Offerings
    Pre-underwriting approvals enable offering customers products that are most likely to be approved, improving the likelihood of conversion. This helps manage customer expectations effectively and enhances customer satisfaction.

  4. Cost Reduction via Digital Data Utilization
    Automation of routine tasks and streamlined workflows result in substantial cost savings. By utilizing digital data to assess risk, the portal reduces underwriting overhead and eliminates the need for medical exams for low-risk cases, decreasing operational expenses.

  5. Increased Digital Distribution: The portal enables more channels to embed insurance products with proper risk control, enhancing digital distribution. This allows insurers to reach a broader audience and integrate insurance offerings seamlessly into various digital platforms.

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