SAMPLEMED TRANSFORMS LIFE INSURANCE UNDERWRITING BY CELEBRATING 10,000 PRE-AUTOMATED RULES @ SAAS S.360
Launched by the end of 2022, the SaaS s360 has grown in the life insurance underwriting automation market and is already running in large insurers and reinsurers such as CAIXA Vida, , Centauro-On – Constellation Group, ICATU and Austral RE. Two other insurers will begin onboarding on the full platform in the first quarter of 2024.
Created with 100% owned technology, the system has already caught the attention of the international public and received space to participate in innovation stages in Amsterdam, Madrid, London and Las Vegas, in different events of the sector.
In the rapidly evolving landscape of the insurance industry, where accuracy and efficiency are paramount, AI and automation has emerged as a game-changer. Part of their innovative secret is a unique and robust medical underwriting taxonomy, the result of a lot of research by the Samplemed group, which recently reached a milestone to celebrate: the system is capable of autonomously assigning 10,000 pre-made underwriting decision rules for the confection of dynamic questionnaires.
“It’s not just about numbers; it’s about redefining the limits of what’s possible in life insurance underwriting,” says Luanna Eroles, Product Manager. “Our clients can freely create questionnaires without assigning rules to it, the system can identify the risks and self-assign the rulesets outcomes by itself.” Of course, the rulessets can be also customized per wish.
The consistency and precision provided by this asset creates a foundation for scalability, adaptability and resilience in an ever-changing market. Understand with us a little more about why taxonomy and how it came to bring resilience and competitive advantage to the insurance sector.
Decoding LIFE, the Power of the s360 life websemantics
A taxonomy is basically a classification system used to organize and categorize information. A set of taxonomies applied to the context of web solutions forms a websemantic. In simple terms, it is like an organization method that helps put related information together and optimizes data interpretation. In an insurance company, the taxonomy can be used in other industries to classify different types of insurance policies based on factors such as benefit type, customer, or geographic region. This makes it easier to search for and retrieve relevant information when needed.
A well-defined taxonomy allows for consistent and accurate categorization. This labeling system in the context of underwriting has unique advantages of a solid Medical Risk Data Foundation:
- Keeps data organized and structured – In practice, it deepens BI visualizations and building risk reports.
- Relates information more efficiently – Specifically, it increases the accuracy of models for using Artificial Intelligence and initiatives by data scientists within insurance companies’ teams through a solid Data Foundation.
“I see a great evolution in terms of risk analysis for personal insurance in an increasingly assertive, modern and optimized way. With taxonomy we have all the content in a complete, structured and organized way with data always updated according to market developments. This makes it increasingly easier for the underwriter to work”, says Jéssica Reis, Senior Underwriter and part of the team involved in the ongoing research project.
Where to Start and How to Prioritize
To compose this amount of information, it was necessary to build an innovative websemantic management module within the platform, unprecedented in the insurance sector. Through it, the Samplemed Underwriting Manual is truly interactive and can be updated daily with new information. Constant revisions and a keen eye to standardize data with have the freedom and space to work on stipulate loadings and adapt to the needs of each insurer – as even per product or geographic location.
“Regarding the amount of information, one of our main challenges is reviewing the content. We highly value quality, considering not only the subscription part, but also the standardization for completion on the s.360 platform. This way, every review is done thoroughly considering the needs and experiences of our customers”, explains Lígia Freitas, P.O. at Samplemed.
Which brings us to our second challenge: which content to prioritize?
“Thinking about our customers who already use s.360, we curated content and prioritized those that were most relevant to them. Furthermore, thanks to the technical knowledge of the team made up of professionals from different specialties, we were able to overcome these challenges and we are convinced that we will further leverage our Manual,” Lígia adds. The taxonomy center serves clients on demand with no extra cost rather than the normal licensing of the SaaS. This combined service adds value to the (Re)Insurers and offers a connection from the real market need to the Research and Development team.
As we celebrate this milestone, it becomes clear that a taxonomy is not just a tool, it is a strategic asset with an exponentially high value. Ethics and data security considerations are a priority. The implementation of taxonomy in an insurance company — especially considering the sensitivity of customers’ personal and financial information — aims to ensure compliance with data privacy regulations and protection of this information through a team of experts. The ISO Certifications achieved by the Samplemed Group over the years only highlight its commitment to the customer.
A Legacy to Celebrate – 10,000 Pre-made Rules
In the era of digital transformation, automation and taxonomy are the cornerstones of a future-proof insurance industry. A well-designed medical taxonomy brings improvements in accuracy and speed in searching for information, optimizing decision-making processes and reducing operational errors.
Ten thousand pre-automated rules are a significant milestone for the s.360 platform. But what makes this achievement truly remarkable is the platform’s ability to detect risk combinations. For example, only for the Diabetes medical risk, the platform can differentiate 64 clinical cases relevant for underwriting autonomously. And Diabetes is just one of more than 500 risks cataloged on the websemantic created for the s.360. Behind this achievement is collaboration between medical researchers, underwriting specialists, taxonomists and programmers.
As Samplemed continues to reach new heights with s.360, the entire market benefits from the advancements for the industry. So, we asked the Samplemed taxonomy team about expectations or upcoming goals and plans for collaborative innovation.
“We are excited about the opportunities that the future holds for us”, says Marina Romano Aleixo. “Our upcoming goals and achievements are aligned with an overarching vision to significantly improve the underwriting experience. We are committed to carrying out ongoing research to understand the evolving needs of our customers, ensuring we can offer innovative and personalized solutions. Additionally, data excellence remains at the core of our efforts. We are dedicated to improving the quality and security of the data we collect, ensuring that every interaction with our platform is trustworthy and valuable to our users.”
This achievement belongs to all the dedicated teams of experts that contributed from different areas, reinforcing the power of teamwork and innovation in defining the future of insurance. As the Group’s motto says: Together, we fly higher!
More about Samplemed
Samplemed is a Medical Group, the Holding offers Medical Services for Life Insurance and Underwriting as well as technology, as predictive models and the s.360 SaaS. Get to know more about the s.360 and see the life underwriting websemantics writing to info@s360.life