The Celent Model Insurer Report & Case Study
Taiwan Life was awarded the 2022 Celent Model Insurer Award for Data, Analytics and AI for their work with Lydia AI
Read the analyst report on how Taiwan Life leveraged external open health data for digital accelerated underwriting using Lydia AI
Using machine learning models to accelerate underwriting decisions is a major trend; however, there has not been an established industry best-standard practice for how to validate its use in underwriting. The joint-team worked together to develop a methodology to translate machine learning predictive output results into data-driven reference markets that are compatible with use by actuaries and underwriters.
Max Ang, Celent APAC Insurance Technology Research Leader
Driving real-world impact
Insurance products using the Lydia AI health score are live in Taiwan's largest retail bank servicing more than 15 million customers
80%
Near real-time medical Underwriting
22%
Increase in Gross Written Premium
15-30%
Loss Ratio Improvement