TORONTO--(BUSINESS WIRE)--Lydia AI announced that its client Taiwan Life Insurance has received a Celent Model Insurer award for Data, Analytics and AI for their use of external open health data for digital accelerated underwriting in the company’s mobile health score application powered by Lydia AI.
Celent’s annual award program recognizes insurance carriers as ‘model insurers’ for their outstanding technology initiatives. In order to win, the initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence.
Taiwan Life’s mobile health score application was recognized as the first to leverage new digital data from the government’s e-health initiative, using machine learning (ML) to facilitate and support underwriting for the digital remote world. Taiwan Life customers used the mobile application to consent to their own digital health data to obtain personalized artificial intelligence health assessment and potentially qualify for accelerated underwriting.
“Taiwan Life selected Lydia AI to bolster internal capabilities and expedite time to market with models pretrained on global data,” said Max Ang, APAC insurance technology leader at Celent. Ang also recognized that a factor “that contributed to the success of this case study was the symbiotic partnership between the insurer, Taiwan Life, and its vendor, Lydia AI.”
Celent also recognized that “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.”
“Our team is proud of the work we’ve done with Taiwan Life to advance the use of alternative data to digitize customer experience and accelerate underwriting,” remarked Anthony Lee, Lydia AI CEO. Lee added “our collaboration established a shared methodology between machine learning scientists, actuaries and underwriters that we believe will accelerate the impact of machine learning to improve insurability and customer experience for the next billion people.”
Celent’s annual Model Insurer Awards recognize the best practices of technology usage in different areas critical to success in insurance. Nominations are submitted by insurance carriers and undergo a rigorous evaluation process by Celent analysts. Read the full report at https://www.lydia.ai/celent-casestudy .
Lydia AI
Lydia AI is a health AI insurtech startup on a mission to insure the next billion people by making insurance personalized, easier to buy and more inclusive. Insurers work with Lydia AI to leverage new sources of data to make risk predictions which are used to personalize individual experiences, accelerate underwriting practices and develop new inclusive digital products.Established in 2015, Lydia AI, formerly known as Knowtions Research, is backed by Alibaba Entrepreneurs Fund, Information Venture Partners and 500 Global with offices in Toronto and Taiwan. For more information, visit www.lydia.ai.
