Underwriting, a key element in the process leading to insurance, will be entrusted to computers for the first time in Sri Lanka, following the development of auto-underwriting software by Ceylinco Life in collaboration with iOM Lanka (Pvt) Ltd., a leading software company in the Asian region.
The new software deployed by the life insurance leader eliminates human error and inconsistencies in analysis, leading to faster and uniform decision making on insurance proposals, with the underwriting component taking less than three minutes per policy, the company said.
Numerous factors considered for Life Risk Assessment, including a prospective policyholder’s medical reports, habits, occupation, hobbies, area of residence, previous claims history and even Body Mass Index (BMI) can now be analysed in seconds, generating a decision whether to insure a person and at what rate.
“This results in a quantum leap in precision and consistency,” said Upamalika Ratnayake, Senior AGM Information Systems / Chief Information Officer at Ceylinco Life. “The software is 100 per cent parameterized and follows the underwriting guidelines of Swiss Re, our reinsurer. We simply key data into the core system, and the software does the rest. The saving in time is very significant.”
She said the potential for selling the software, which is jointly owned by Ceylinco Life and iOM, in the international market is being explored. |
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