Taiwan Life Insurance’s App, Powered by Lydia AI, Wins a Celent Model Insurer Award 2022 in Data, Analytics, and AI
Lydia AI announced that its client
Celent’s annual award program recognizes insurance carriers as ‘model insurers’ for their outstanding technology initiatives. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence.
Taiwan Life’s mobile health score application was recognized as the first to leverage new digital data from the government’s e-health initiative, using machine learning (ML) to facilitate and support underwriting for the digital remote world. Taiwan Life customers used the mobile application to consent to their own digital health data to obtain personalized artificial intelligence health assessment and potentially qualify for accelerated underwriting.
“Taiwan Life selected Lydia AI to bolster internal capabilities and expedite time to market with models pretrained on global data,” said
Celent also recognized that “Using machine learning models to accelerate underwriting decisions is a major trend; however, there has not been an established industry best-standard practice for how to validate its use in underwriting. The joint-team worked together to develop a methodology to translate machine learning predictive output results into data-driven reference markets that are compatible with use by actuaries and underwriters.”
“Our team is proud of the work we’ve done with Taiwan Life to advance the use of alternative data to digitize customer experience and accelerate underwriting,” remarked
Celent’s annual Model Insurer Awards recognize the best practices of technology usage in different areas critical to success in insurance. Nominations are submitted by insurance carriers and undergo a rigorous evaluation process by Celent analysts. Read the full report at https://www.lydia.ai/celent-casestudy .
Lydia AI
Lydia AI is a health AI insurtech startup on a mission to insure the next billion people by making insurance personalized, easier to buy and more inclusive. Insurers work with Lydia AI to leverage new sources of data to make risk predictions which are used to personalize individual experiences, accelerate underwriting practices and develop new inclusive digital products.Established in 2015, Lydia AI, formerly known as
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Source: Lydia AI
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