ANZ Wealth is collaborating with the Advanced Analytics Institute at the University of Technology Sydney (UTS) to explore opportunities for artificial intelligence (AI) to improve the life insurance underwriting process.

“An intelligent underwriting model will harness machine learning to provide opportunity for insurers to develop more efficient and reliable assessment processes,” Associate Professor Guandong Xu said.

“This collaboration combines the expertise of UTS and ANZ to explore how Big Data, client behaviour modelling, text mining and natural language programming, along with social and predictive analytics, all can add value in the insurance sector.”

ANZ Wealth will work with UTS to explore how AI can improve the customer experience throughout the insurance application process.

“A data-driven model provides the opportunity to create a more personalised, efficient service with improved quality assurance for our customers when they apply for insurance,” ANZ Wealth Chief Underwriter Peter Tilocca said.

“AI can also provide our advisers with a differentiated service that supports them in building trusted relationships with their clients.”