TAL has been awarded second place in an international award ceremony for innovation in insurance for its artificial intelligence-powered underwriting tool.
The company’s WunderWriter tool earned the silver medal in the artificial intelligence category at the Efma Accenture Innovation in Insurance Awards.
“The prestigious global awards, presented at the Innovation in Insurance Award Ceremony in Paris, France, aim to showcase the most exciting innovations that are taking advantage of emerging technologies and transforming the insurance industry,” TAL said in a statement.
The WunderWriter tool uses artificial intelligence to audit underwriting cases and identify inconsistencies which can then be addressed by the company.
TAL general manager of innovation Dan Taylor said the company was pleased with the recognition the tool received.
“Where previously we only reviewed a handful of cases, WunderWriter now reviews every single case and prioritises those for our quality assurance team to audit, so we’re now focused on the right cases rather than just a random sample,” he said.
“Clearly, this is a step-change for the business and a great demonstration of the potential of Artificial Intelligence to support our business and our employees. This award highlights the ingenuity of our inhouse Incubator team, and we are proud to be acknowledged for innovation excellence in an increasingly competitive global field.”
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