John Hancock looks to new AI underwriting tool to slash processing time

John Hancock Introduces AI Underwriting Tool for Faster Processing

John Hancock has launched a new underwriting tool powered by generative artificial intelligence (Gen-AI), which aims to significantly speed up the preliminary processing time for insurance applications. According to the company, this tool could reduce the current time frame from one day down to just 15 minutes.

What's Behind This Move?

This initiative reflects the growing trend in the insurance industry toward integrating technology that enhances efficiency and reduces operational bottlenecks. By implementing Gen-AI, John Hancock seeks to streamline the underwriting process, which traditionally involves extensive data analysis and manual reviews. The new tool hopes to utilize advanced algorithms to quickly assess risk factors and deliver decisions more swiftly.

Who Will Benefit?

Industry professionals and clients alike may find this development to be beneficial. For insurance agents and underwriters, quicker processing times can mean more effective workflow and potentially higher productivity. Customers could also appreciate the faster response times, making their insurance purchasing experience smoother and less time-consuming.

Considerations Moving Forward

While the potential for enhanced speed is notable, it's important to consider how this tool will impact the accuracy of underwriting decisions. A balance between speed and thoroughness will be critical to ensuring customer satisfaction and maintaining risk management standards.

This development by John Hancock marks another step in the ongoing evolution of the insurance landscape, where technology continues to play an essential role in shaping the future of the industry.

Original Source: https://insurancenewsnet.com/innarticle/john-hancock-looks-to-new-ai-underwriting-tool-to-slash-processing-time