Smart Underwriting - A Personalised Virtual Agent

In life, unplanned expenses are a bitter truth. Insurance policies therefore offer a semblance of support to minimize financial liability from unforeseen occurrences. The world which has faced major multiple lockdowns owing to the pandemic has certainly started thinking of ways to work online and hence reinforce the need to rethink underwriting. Traditionally, information of the client who needs insurance is sent to the underwriter through an email and after proper analysis, the underwriter sends the quick quote back to the agent based on his intuition and experience. The current process of insurance claimants is conservative, extremely tedious and time consuming. In the era of Artificial Intelligence, an individual prefers the task to be done in an efficient & less dreary manner, so rather than navigating through the website or visiting the Office in person, it would prefer an application that provides a unified platform to manage their policies. Hence chatbot is a much-optimized solution for automating the traditional underwriting process. By combining the fields of Natural Language Processing, Facial recognition, Optical Character Recognition and Blockchain, the chatbot would provide solutions for all policy related queries and operations.