TAL, Australia’s leading life insurance specialist, has been recognised as an industry-leading innovator at the Efma Accenture Innovation in Insurance Awards, winning the 2018 Silver Award in Artificial Intelligence for its ‘WunderWriter’ tool.
The prestigious global awards, presented at the Innovation in Insurance Award Ceremony in Paris, France, aim to showcase the most exciting innovations that are taking advantage of emerging technologies and transforming the insurance industry.
This year, the award entries included 320 innovations spanning 45 countries and 237 different organisations, making the Silver Award a significant achievement for an Australian life insurer.
The award-winning innovation, ‘WunderWriter’, leverages Artificial Intelligence (AI) and machine learning to improve quality assurance in the underwriting process. Through WunderWriter, TAL can audit 100% of underwriting cases in order to identify inconsistent cases that can then be targeted by TAL’s quality assurance (QA) team.
TAL General Manager of Innovation, Dan Taylor, said TAL was thrilled to be recognised for leading the application of AI to the life insurance industry through automated underwriting.
“Where previously we only reviewed a handful of cases, WunderWriter now reviews every single case and prioritises those for our QA team to audit, so we’re now focused on the right cases rather than just a random sample. Clearly, this is a step-change for the business and a great demonstration of the potential of Artificial Intelligence to support our business and our employees.
“This award highlights the ingenuity of our inhouse Incubator team, and we are proud to be acknowledged for innovation excellence in an increasingly competitive global field,” he said.
The Efma Accenture Innovation in Insurance Awards have served as a catalyst for innovation in the global insurance sector, helping insurers develop better disruptive strategies. For more information and the full list of winners, visit: https://www.efma.com/innovationininsurance/.