TAL, Deloitte team up on regtech solution
Life insurer TAL has collaborated with Deloitte in deploying a regtech offering using artificial intelligence and voice recognition.
The solution will be used on up to 100 per cent of its phone-based sales calls and will feed directly in TAL’s quality assurance model and program, according to a statement.
The AI solution will analyse call recordings to look for matches to phrases, statements and key words that TAL has identified as potential indicators of risk or poor consumer outcomes.
These calls will then be assessed by TAL’s quality assurance program, improving the overall responsiveness and mobility of the program.
“While there are numerous potential ways to leverage AI, TAL chose to focus firstly on those that have significant customer benefit – making sure customers are sold the right products for their needs and circumstances and that they are underwritten appropriately,” said TAL general manager of operational risk and support for individual life, Sue Sdregas.
“We know it is important that customers choose the insurance they want and understand and this automated quality assurance capability will help us achieve this as well as further strengthen our risk management frameworks.
“TAL decided to accelerate its work in this area some 18 months ago and as a result we now have voice analytics in full production and deployed on all of our sales calls. This is just one part of our end-to-end application of AI in the life insurance process, with AI also playing a significant role in several steps of the underwriting process.”
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