In this interview with Odette Bakker (CEO) and Indra Frishert (CMO) of DAZURE, which was published in VVP, the platform for financial advisors in the Netherlands,VVP,   Odette and Indra state that “The brilliant minds at Onesurance are building something innovative for our medical process. Soon, many prospective insureds will have to answer significantly fewer medical questions because the developed algorithm can make predictions based on historical data. As a result, policies can be issued much faster”.

“For me, Onesurance epitomizes responsible and effective AI implementation, yielding optimal outcomes. Their boundless enthusiasm adds a layer of enjoyment to collaboration.”

Odette Bakker, CEO DAZURE

“When applying for life insurance, the insurer wants to know exactly how (un)healthy a person is to estimate the risk of death. This is done by medical specialists. The applicant must fill out a ‘health declaration.’ what an unfriendly word, actually… but anyway. If it shows that you have (had) something, you have to answer even more questions or undergo examinations. We know from experience that most people are not looking forward to this.

When applying  for life insurance grilling is no longer needed.

Dazure offers life insurance, and owners Odette Bakker and Indra Frishert have always viewed this medical process critically. They take signals from applicants seriously. People sometimes cancel their application upon hearing they need to undergo a medical examination. During the COVID period, this issue became more pressing due to shortages of medical personnel. Medical specialists were more urgently needed in hospitals.

DECLINE IN LIFE INSURANCE POLICIES

Nowadays, people expect that when they order something online, it will be delivered the next day. The medical process sometimes causes long delays. The decrease in the number of life insurance policies being taken out is partly due to this process. Financial advisors often recommend taking out life insurance, but they do not always actively mediate it. The lengthy process of issuing the policy can detract from their advisory process. ‘In the past,’ life insurance was taken out in 60 percent of cases when taking out a mortgage; now, it is only 16 percent. It is extremely important to have life insurance to be financially secure.

AI IMPLEMENTATION

Dazure has long had the ambition to make the medical acceptance process faster, more efficient, enjoyable, and easier. We have now developed an intelligent system with Onesurance based on AI (Artificial Intelligence). And yes, of course, with a ‘human in the loop’ and an ethical framework. This system allows us to safely and more accurately predict which applicants can go through a shorter process. This group does not have to bother medical specialists or exhaust themselves with lengthy questionnaires.

HOW DOES IT WORK?

We have built a fully transparent algorithm that can make reliable and highly accurate predictions based on the completed health questions using predictive analytics. This algorithm is trained on historical data.

IMPRESSIVE RESULTS

The algorithm immediately correctly predicted half of the medical processes with an error margin of 0.1 percent. More than half of the applicants could be accepted right away. The processing time for the rest was reduced from 29-71 days to 7 days! It is estimated that the number of cancellations will be at least halved.

By making the process better, more efficient, and faster, we expect to meet modern expectations and for more people to find their way back to life insurance.