RBC Insurance processes tens of thousands of life and health insurance applications every year. To complete the underwriting process, a staff member must schedule an interview with potential clients and conduct a lengthy phone call with the client to ask a number of health-related questions according to a standard script.
A cross-functional team developed a patented solution to automate the process using a Reflexive, Conversational AI driven Platform, available 24/7, on demand, in client’s language preference, via voice or chat on computer, tablet, or phone on demand.
The results from the tele-interview is fed to the “Robo-underwriter” which analyzes the digital transcript and results from lab tests, historical claims data and demographic patterns to decision the application.
BEFORE:
Life Insurance Application Interviews have to be scheduled as part of the underwriting process. This consists of a 30 minute phone call with the applicant to ask a number of health-related questions. The very manual process often took up to 45 days and several phone calls to complete. Additional costs is incurred when this service was outsourced to a vendor. The quality of the interview was inconsistent and depended on the skill and experience of the interviewer.
AFTER:
The “tele-interview” can be completed by the client at their convenience. It is available 24/7, on demand, in client’s language preference, via voice or chat on computer, tablet, or phone on demand. The results from the tele-interview is fed to the “Robo-underwriter” which analyzes the digital transcript and results from lab tests, historical claims data and demographic patterns to decision the application. Over 50% of the applications can be decisioned immediately
Business Value:
1. Reduced manually effort in underwriting 50% of the applications
2. Improved customer experience by offering clients 24/7, self served reflexive interview via online chat or voice on a device of their choice
3. Client can check status of application via portal
4. Reduced cycle time to process an application from 45 days to minutes
5. Reduced costs of third party service to conduct the paramedical interview
6. Leveraging historical claims data, patterns and predictive intelligence for insight to refine application decisions and premiums
7. Interviews conducted in multiple languages
8. Digitization to streamline process and reduce manual hand-offs
Benefits to the Customer:
1. Improved customer experience by offering clients 24/7, self-serve interview available on demand via online chat or voice; available in multiple languages
2. Quicker response time on their application so they know if they have coverage
3. Client can check status of application via portal
4. A more personalized set of reflexive questions driven by the client profile and previous answers
5. Client has more control over when to conduct the interview with the option to pause at anytime and restart from where they left off.
