Take for Otta.com
“UnderwriteMe was founded in 2012 to shake up the UK insurance sector. At the time life insurance underwriting was an inefficient process typified by a fractured market, slow processes and non-standardised evidence. UnderwriteMe released its Underwriting Engine which untangled and greatly accelerated the process, allowing it to grow to become the leading provider of insurance tech products across Europe, Asia and North America.
As a tech-first company, UnderwriteMe has not ceased to develop its product, innovating to remain at the forefront of the insurance tech sector. It has moved into AI, with its Text Mining Lab using natural language processing to read unstructured medical reports and automatically convert them into usable data for underwriting purposes. It has also formed major partnerships, one example being with United Healthcare Group, allowing medical screening requests to be sent electronically. This further shortens the underwriting decision making process for users of the platform.
Its focus on innovation and strategic partnerships has yielded success, generating significant buzz in the insurance sector and more than 50% year on year growth. Moving ahead it will continue to develop its product, doubling down on AI-augmented decision making tools to further increase the efficiency of the underwriting process.”