TAL Underwriting Tool Awarded

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TAL has been recognised for innovation in the life insurance industry winning a silver award for its underwriting tool at a recent global awards program held in France.

TAL General Manager of Innovation, Dan Taylor

The life insurer won the 2018 Silver Award in Artificial Intelligence for its ‘WunderWriter’ tool at the Efma Accenture Innovation in Insurance Awards which included entries for 320 innovations from 45 countries and 237 different organisations.

TAL stated the WunderWriter tool used Artificial Intelligence (AI) and machine learning to improve quality assurance in the underwriting process, and allowed the insurer to audit 100 percent of underwriting cases to identify inconsistencies that could be examined by TAL’s quality assurance team.

TAL General Manager of Innovation, Dan Taylor said the insurer was pleased that its work in applying AI to the life insurance industry through automated underwriting was being recognised and the award was a significant achievement for an Australian life insurer.

“Where previously we only reviewed a handful of cases, WunderWriter now reviews every single case and prioritises those for our quality assurance 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,” Taylor said.

In related news, TAL has also made two senior appointments to its Group Insurance business promoting an existing staffer as well as recruiting externally.

TAL Head of Clients and Strategic Management, Nick White as

The insurer has promoted Dr. Joseph Daley to General Manager of Pricing, moving him from his previous position in TAL’s Individual Life business as General Manager, Value, Profitability and Pricing, and has recruited Nick White as Head of Clients and Strategic Management.

Dr Daley will oversee the development of TAL’s Group pricing models in partnership with super funds, and White, who previously held a number of roles with MetLife since early 2010, will lead a team to manage a portfolio of important client relationships.

TAL General Manager of Group Insurance, Jenny Oliver, said both appointees had been very successful in their respective areas and would assist TAL in providing exceptional outcomes for TAL’s partner superannuation funds and their members.