PolicyMe, a Canadian InsurTech provider, has introduced an artificial intelligence (AI) tool designed to help underwriters work through complicated life insurance applications faster, reporting a 59% reduction in processing time since its introduction.
The technology has been built by PolicyMe’s own engineering team to support cases that require more than automated approval. While the company can issue decisions within seconds for most applicants, applications involving extensive medical histories, laboratory findings and additional documentation often require considerably more time and specialist attention.
PolicyMe’s new copilot aims to make these assessments less labour-intensive by organising medical evidence, extracting key information and flagging missing details. It also generates a proposed underwriting outcome, supported by the evidence used to reach that recommendation, for an underwriter to evaluate.
The company said its internal figures show that the tool has reduced the time taken to review complex cases by 59%. The measurement covers the period from when a case reaches an underwriter to when the completed assessment is returned.
Beyond document analysis, the copilot can help insurers communicate decisions to applicants. When a policy application is declined, deferred or offered on modified terms, the system draws on the underwriter’s notes to prepare an explanation tailored to the customer and written in accessible language.
PolicyMe has designed the platform to operate within a secure, isolated cloud environment. Its development process includes testing new versions against historical cases, alongside controls intended to ensure outputs can be traced and validated. Customer information is not used to train the AI models powering the tool. Despite the automation, the system does not make final underwriting decisions independently. An underwriter must check and approve every output before it is communicated to an applicant.
Jeff McKay, CTO and co-founder of PolicyMe, said, “Instant decisions for straightforward applications were the first problem we set out to solve. The most valuable application of AI in complex underwriting isn’t replacing human judgment. It’s removing the friction that surrounds it. We’ve designed this copilot to do the heavy lifting on document review, summarization, and communication, while keeping our underwriters firmly in control of every decision.”
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