TOKYO; Feb.12, 2021 – Daido Life Insurance Company, part of T&D Insurance Group, has been granted a patent for an artificial-intelligence (AI)-based medical underwriting solution co-developed with Accenture (NYSE: ACN), which the insurer began using last April.
Medical underwriting — the evaluation of a potential customer to determine the appropriate coverage — is a key step in drawing up insurance contracts. Daido wanted to use digital technology to help its underwriters make the process faster and more efficient, but establishing the uniform rules needed for automation had been challenging because many evaluation points require an underwriter’s medical expertise.
The new underwriting solution uses AI to provide a preliminary assessment that draws out data points from the applicant’s medical records and exam results that will be key to the underwriter’s evaluation. Designed by Accenture’s data scientists and experts from the insurance industry, the algorithm creates a simple visualization of the AI’s preliminary assessment.
The solution is part of the insurer’s business plan, developed with Accenture, to improve customer experiences through streamlining process and increased AI-human collaboration. By leveraging AI and other digital technologies, Daido is streamlining underwriting processes, minimizing routine and redundant tasks, and freeing up human advisors for higher-level tasks.
"At Daido Life, we leverage digital technologies such as AI and big data to provide our small- and medium-sized business clients with greater peace of mind by ensuring our processes and services are data-driven and efficient," said Norie Taniguchi, executive officer, Daido Life Insurance. “We’re thrilled to collaborate with Accenture to help us significantly accelerate these goals and empower our underwriters with technology.”
Yuji Ohkita, a managing director at Accenture who leads its Insurance industry group in Asia-Pacific, Africa, Latin America and the Middle East, said, "We are proud to be working with Daido Life Insurance in order to reimagine the customer experience and supporting their long-term transformation initiatives and growth. This exciting collaboration is another example of how we work together with our clients to bring our breadth of technological capabilities with the power of people’s ingenuity.”
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 514,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com and www.accenture.com/jp
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