Artemis ILS NYC 2019

Menu

Reinsurance News

Pacific Life Re explores machine learning in medical data processing

10th October 2018 - Author: Charlie Wood

Pacific Life Re and the online comparison service UnderwriteMe are collaborating on a system which combines text mining and machine learning techniques to process unstructured medical textual data, such as doctors’ reports on life and health insurance applicants and claimants.

Pacific Life ReWith the emergence of electronic medical reports, the ability to improve customer service through faster automated processing has become more feasible.

Text mining streamlines the information that the underwriter or claims assessor needs to review and offers the option to fully automate decisions. Cost savings are potentially significant, leading to better value for the end customer.

The system, currently under development at the University of Manchester,  has reportedly progressed to match human outcomes when identifying pertinent information from health records.

The finished product will be accessible from UnderwriteMe’s suite of technology, now adopted by insurers in the UK, Ireland and Australia, and Asia.

“This is an exciting project, which truly reflects our ethos of investing in digital technology to intelligently automate business processes,” said Martin Werth, Chief Executive Officer, UnderwriteMe.

“By removing existing inefficiencies, we will deliver a superior experience for customers, intermediaries and insurers.”

Professor Sophia Ananiadou, Director, NaCTeM, School of Computer Science at the University of Manchester, commented, “We have specialised in developing text mining tools for analysing unstructured medical data, informed by cutting edge research in text mining and machine learning for over 10 years.”

“Pacific Life Re and UnderwriteMe are innovative organisations at the cutting edge of using technology to improve their industry. Our collaboration is showing great potential and we look forward to delivering the first system.”

Warren Copp, Chief Underwriter, Pacific Life Re, added, “Our focus is on making life and health insurance simpler, faster and fairer through supporting insurers with UnderwriteMe’s transformational digital capability.”

“The text mining module component will be another exciting addition to UnderwriteMe’s technology suite.”

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.