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"AWS Machine Learning Competency"

Life Insurance Underwriting for Impaired Life Customers

With DataRobot, predict which customers among cancer survivors have positive and insurable health prospects.

Industry

Health Insurance

Why DataRobot

DataRobot can inspect hundreds of medical variables in a few clicks, automatically identifying simple and powerful rules to segment potentially high-risk patients—those who need further medical assessment.

Highlights
  • Create powerful underwriting rules based on multiple patterns
  • Increase potential insurable base by identifying cancer survivors with positive health prospects
  • Reduce the cost of underwriting by simplifying and automating the underwriting process

Challenge

Life insurance companies typically do not underwrite customers who have suffered and survived from serious diseases like cancer. Doing so would require a long and expensive medical assessment process.

Solution

With DataRobot, a life reinsurer can use medical history and conditions to accurately predict the risk of underwriting a serious disease survivor. The insurer can identify which customers have good health prospects and directly underwrite them without further medical assessment, leading to more customers and reduced medical costs.

Results:

  • More efficient underwriting process for the customer
  • Acquisition of new customers who would otherwise not get life insurance
  • Decrease in underwriting costs

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