OnePath makes underwriting even better

Peter Tilocca

Peter Tilocca

OnePath continues to invest in its inhouse underwriting engine to ensure its efficient and easy-to-use for advisers and their clients.

Since its launch in November, more than 70 enhancements have been made to the underwriting engine, based on internal and external feedback.

Further, almost 1,000 unique conditions (including aliases) have been selected from the catalogue, 900 of which are medical. Image testing, vertebral disc-related issues and muscular back pain the top three most selected medical conditions.

A further 52 unique travel destinations and 41 unique pastimes were searched for using the engine, with the US, Indonesia and the UK the top three travel destination searches and skiing, dirt biking and diving the most common pastime searches.

According to OnePath’s Chief Underwriter Peter Tilocca, the volume of enhancements reflects OnePath’s commitment to its usability and ongoing development as a leading-edge underwriting engine.

“Two years ago, OnePath made the decision to develop its underwriting engine inhouse so it could ensure the dynamism of the engine and its adaptability to the needs of both advisers and customers. By partnering with the University of Technology Sydney’s (UTS) Advanced Analytics Institute, we can bring together the best of AI with our rich history in insurance.”

The enhancements have been well received by advisers who in April awarded the engine a Net Promoter Score (NPS) of +65. NPS has a scale from -100 to+100 with anything over +50 regarded as ‘Excellent’.

An increasing number of advisers are now using the underwriting engine, making the most of its usability and its customers benefits.

“Close to 2,000 advisers have now used the risk engine to research conditions. With every enhancement we make there is an educational period that follows, so we expect this number to grow considerably over the next six months.”

Over the next quarter, OnePath will continue to respond to adviser feedback on the engine, prioritising enhancements and inclusions based on this and claimant request.

“Ongoing monitoring of feedback and the updating of the medical catalogue and aliases are crucial elements of maintaining a leading-edge underwriting engine,” said Tilocca. “Our ability to monitor this feedback and respond to requests is only enhanced by our decision to develop this capability inhouse.”

Last month, OnePath and UTS won three Merit Awards in the NSW State iAwards in the AI Data Driven Underwriting Solution category – Data Insights Innovation of the Year, Business Service Markets and Research and Development Project of the Year – progressing to the National iAward final.

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