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AUSIS is an AI-powered smart underwriting platform with personalized pricing, risk, and decisions. This platform allows an in-depth analysis of individual health risks and suggests the underwriting decision in less than 60 seconds.

“Underwriting” generally refers to the process by which an individual or institution takes financial risk for compensation.

Insurance technology startup Artivatic.AI has launched “AUSIS”, a smart underwriting platform for better risk and fraud analysis. AUSIS is an AI-powered smart underwriting platform with personalized pricing, risk, and decisions.

It can process and scan medical records, KYC and claim forms to verify and create custom profiles in combination with historical data and product business rules. This platform allows an in-depth analysis of individual health risks and suggests the underwriting decision in less than 60 seconds.

“Underwriting” generally refers to the process by which an individual or institution takes financial risk for compensation. AUSIS is making this process smarter for insurance companies with AI as it verifies a client’s eligibility based on their financials, location, risk, business, data past, its people, fraud and government data.

“AUSIS is essentially an AI-powered underwriting platform, a decision-making system that helps insurance companies profile a client, understand the risk associated with it, and decide if a person is eligible. to a specific health or life insurance policy. It develops a risk profile and assesses whether a particular individual will be able to pay a premium. It also checks and ensures if a client has any risk or fraud associated with it to help insurance companies avoid any kind of loss. The AI-based data analysis by this product verifies the validity and proof of the age, gender and other parameters given by a customer when purchasing a policy, ”says Layak Singh, co-founder of the insurtech startup Artivatic based in Bengaluru.

A major problem that insurance companies face is that sometimes customers make fraudulent claims in just 2 years, causing them huge losses. AUSIS ‘smart and intelligent analysis can help insurance companies control these frauds.

AI-powered intelligent underwriting system enables underwriting transformation for insurance. The system can either connect to the existing system of insurance companies to improve it and make it intelligent, or allow for a new age end-to-end underwriting system. It enables STP (straight-through) and NSTP (non-straight-through) processes to become simple, transparent, efficient, data-driven, customer-centric, faster and automated.

Overall, the system works in the insurance business to deliver better and faster life and health insurance policies. It relies on disruptive technologies such as AI, analytics and alternative risk drivers, connected through well-developed APIs. The platform will have the ability to capture real-time customer data, perform facial analysis, automate risk assessment and provide complaints propensity. It also allows connecting and integrating existing or third-party applications as an end-to-end process.

Medical or health insurance has undergone a big change recently in the wake of the COVID-19 pandemic and the advent of technology has changed the market. Before the pandemic health insurance only had 6-10% penetration, but now people are coming for their protection, family protection, business protection and for this reason the growth has changed in the industry. Currently, the penetration rate of health insurance has increased to 20% in India.

“Most people currently don’t go to banks or finance companies to buy life and health insurance. Paperwork or the old system has been replaced by the digitalization of insurance companies, so insurance agents also need to upgrade their skills to understand the use of AI, data, machine learning in risk treatment. This will help insurance companies develop better risk, better profiling, and a better way of delivering a product or policy. The AUSIS platform is a futuristic effort in this direction. A lot of innovation has happened in the insurance industry and many more will take place over the next 3-5 years, ”Singh adds.

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