Open AccessAutomating the Underwriting of Insurance Applications
Author(s) -
Aggour Kareem S.,
Bonissone Piero P.,
Cheetham William E.,
Messmer Richard P.
Publication year - 2005
Publication title -
ai magazine
Language(s) - English
Resource type - Conference proceedings
SCImago Journal Rank - 0.597
H-Index - 79
eISSN - 2371-9621
pISSN - 0738-4602
DOI - 10.1609/aimag.v27i3.1891
Subject(s) - underwriting , computer science , parsing , medical underwriting , finance , business , programming language , insurance policy , general insurance , income protection insurance
An end‐to‐end system was created at Genworth Financial to automate the underwriting of long‐term care (LTC) and life insurance applications. Relying heavily on artificial intelligence techniques, the system has been in production since December 2002 and in 2004 completely automates the underwriting of 19 percent of the LTC applications. A fuzzy logic rules engine encodes the underwriter guidelines and an evolutionary algorithm optimizes the engine's performance. Finally, a natural language parser is used to improve the coverage of the underwriting system.