Decision engines have been used for underwriting life business for close on 40 years now. They have evolved from simple engines processing predominantly ‘clean’ cases into systems capable of assessing substandard cases (including some with multiple adverse risk factors) and using information from external databases in real time as part of the process. STP (straight through processing) rates of cases which require no human intervention, can, in some markets, be 80% or even higher, leaving scarce underwriting resources to concentrate on the more complex cases. In 2011, SelectX, in conjunction with claims specialist Karin Lloyd, looked at the use of…
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