A large Canadian life insurer sought an independent assessment of the performance of its automated underwriting engine against current market best practice.
The insurer had been operating a rules engine for several years and already had an established internal process for monitoring performance and refining rules in order to improve outcomes and increase straight-through processing (STP). To further develop the performance of the engine, the insurer engaged SelectX to carry out an independent review.
Applying the SelectX Strategic Engine Review methodology, we examined the governance and processes supporting the engine and audited a sample of underwriting rules to assess their efficiency and effectiveness.
Following implementation of these recommendations, the insurer was able to increase its straight-through processing rate, with the review also confirming that its existing processes and rule framework were already operating at a high standard relative to its peers.
