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ANZ experiments with AI underwriting

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By Reporter
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2 minute read

ANZ Wealth has announced a collaboration with the University of Technology Sydney’s Advanced Analytics Institute (AAI) to explore the applications of artificial intelligence in insurance underwriting.

ANZ and UTS will work together to understand the ways artificial intelligence can improve the client experience, according to a statement by UTS' AAI.

“This collaboration combines the expertise of UTS and ANZ to explore how big data, client behaviour modelling, text mining and natural language programming, along with social and predictive analytics all can add value in the insurance sector,” UTS AAI associate professor Guandong Xu said.

“An intelligent underwriting model will harness machine learning to provide opportunity for insurers to develop more efficient and reliable assessment processes,” said Mr Xu.

ANZ Wealth chief underwriter Peter Tilocca added that AI applications have the potential to provide clients with a higher standard of service.

“A data-driven model provides the opportunity to create a more personalised, efficient service with improved quality assurance for our customers when they apply for insurance,” he said.

“AI can also provide our advisers with a differentiated service that supports them in building trusted relationships with their clients.”