PTLR Project – Propensity to longevity and risk model – ICICI Prudential Life Insurance Pvt. Ltd.
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PTLR Project – Propensity to Longevity and Risk Model
Problem
- Many savings cases go through without intensive underwriting, leading to a lot of early claims.
- Risk triggers based on a single variable are ineffective in identifying potential fraud and claims cases.
- There is a need to replace all risk triggers with a robust framework to identify potential fraud and early claims.
- A single intervention is required to determine if underwriting is necessary.
- Due to the high volume of savings cases, automated underwriting will facilitate quicker issuance.
Solution
- PTLR solution was selected based on testing results
- Removing cases with a high propensity or performing stringent underwriting on such cases significantly improved overall mortality experience
- PTLR solution decongests the process by making intervention mandatory only where fraud risk and early claims are very high.
- Improves Straight Through Processing (STP) issuances.
- Enhances overall mortality experience.
Outcomes
- Lesser issuance in the high probability fraud cases
- Issuance TAT reduction in cases tagged in lower probability bucket
- Reduction in early claims from the cohort which is tagged in the high probability bucket
- Reduced early claims, hence price assumptions remain the same
- Enhanced customer experience by minimising the issuance time
SKOCH Award Nominee
Category: Digital Transformation
Sub-Category: Innovating New Tech Solutions
Project: PTLR Project – Propensity to longevity and risk model
Start Date: 6-06-2023
Organisation: ICICI Prudential Life Insurance Pvt. Ltd.
Respondent: Akash Omer
https://www.iciciprulife.com/
Level: Club Plus
Video
See Presentation
For more information, please contact:
Akash Omer at akash.omer@iciciprulife.com
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