Exploring Influence of AI in Health and Life Insurance Underwriting: Enhancing Risk Assessment and Operational Efficiency
Abstract
The foundation of the insurance business, insurance underwriting, is essential for evaluating risk and figuring out how long insurance policies will last. Underwriting profitability, which is determined by deducting underwriting costs and losses from earned premiums, shows how well an insurer assesses and prices risks, which in turn affects the company's financial stability. Long-term stability is strengthened when insurers can fulfill their claim obligations without relying on erratic investment income thanks to consistent underwriting profitability. Recent developments in AI-driven, cloud-integrated underwriting have revolutionized the industry by improving the precision and effectiveness of decision-making. Better risk assessment results from the use of cloud platforms, which facilitate comprehensive data collection, pre-processing, feature extraction, model selection, and validation procedures. Convolutional Recurrent Artificial Long Short-Term Memory Networks (CRAL), one of the sophisticated models used in this method, optimize the underwriting process by identifying intricate patterns in data. Data scalability, accessibility, and governance rule compliance are all supported by secure cloud storage. Insurers can increase underwriting quality, reduce risks, and expedite operations by implementing cloud-based AI underwriting.
Keywords
AI, Machine Learning, Healthcare, Predictive Models, AI in Underwriting
Citations
IRE Journals:
Paulami Bandyopadhyay , Paramita Banerjee
"Exploring Influence of AI in Health and Life Insurance Underwriting: Enhancing Risk Assessment and Operational Efficiency" Iconic Research And Engineering Journals Volume 5 Issue 10 2022 Page 304-310
IEEE:
Paulami Bandyopadhyay , Paramita Banerjee
"Exploring Influence of AI in Health and Life Insurance Underwriting: Enhancing Risk Assessment and Operational Efficiency" Iconic Research And Engineering Journals, 5(10)
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IRE Journals is an open access online journals established with an aim to publish high quality of research work in various diciplines. We have more than 6 years in publications. Over 2500+ papers already published.
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