ANZ OnePath has rolled out its predictive underwriting technology after a soft launch to offer clients real time policy.

Created in collaboration with the University of Technology Sydney’s Advanced Analytics Institute, the new underwriting engine provides simpler, more intuitive experience for customers applying for OneCare insurance.

Powered by big data, artificial intelligence and data science, the new underwriting engine enables customers to apply for OneCare insurance and conclude the process 30% faster than traditional process.

The new underwriting system offers higher straight-through processing and acceptance rates. It is expected to slash underwriting referral triggers by near 2,300 per year.

Furthermore, 3,000 more medical conditions have been added to the engine.

Commenting on the launch, ANZ chief of underwriting Peter Tilocca said: “ANZ OnePath has taken underwriting innovation in a new direction, taking its own data and harnessing new tools such as AI and data analytics to make insurance a more intuitive and engaging experience.”

UTS Advanced Analytics Institute professor Guandong Xu said: “Using AI to simulate people’s decision making process, we have shown how AI has used big data, natural language processing and predictive modelling, to revolutionise a huge process such as underwriting.”

ANZ digital initiatives

This isn’t the first digital move the Australian and New Zealand lender has made recently. It collaborated with Google in Australia to strengthen its data and analytics capability.

The initiative is aimed at expediting the delivery of data-driven business insights to the bank’s institutional customers.

The decision was taken after a successful proof-of-concept under which Google’s secure cloud technology was deployed to assess aggregated, de-identified data sets for customer insights. Earlier, the work was completed manually.

Furthermore, it teamed with Gresham to strengthen the digital banking capabilities of its corporate and institutional customers.

The agreement particularly aims to enhance the bank’s payments and cash management and enhancing the solutions on the ANZ Transactive Global platform.

The partnership will explore joint innovation opportunities and will include teams of both the companies in Bristol, Sydney, Melbourne and Singapore.

The latest alliance builds on the two companies’ existing relationship, which started seven years ago. Since then, Gresham has products built on its Clareti platform such as Cashactive Fusion that is being used by the Australian bank.