NTUC Income Enhances Customer and Advisor Experience with UnderwriteMe’s Automated Underwriting Technology

Singapore, 25th April 2022 – UnderwriteMe, in partnership with NTUC Income (Income), has launched a fully flexible, mobile and secure underwriting engine for IncomeShield insurance applications.

UnderwriteMe’s technology is set to transform the customer experience in IncomeShield policy applications with instant underwriting decisions at point of sale to make the purchase of IncomeShield plans easier, quicker and more personalised.

A key feature in UnderwriteMe’s underwriting engine is a reflexive underwriting capability which eases the completion of the underwriting questionnaire by customers as it pushes out only relevant and necessary questions based on the customer’s responses. This makes the experience more personalised for the customer.

In addition, Income’s distribution team cited improved customer satisfaction during the pilot trial due to shorter application times and swift inception of the policy.

Chng Chin Pieng, Deputy Vice President, Head, Life and Health Operations New Business Team said, “Leveraging UnderwriteMe’s reflexive underwriting capability, customers saved up to 80% of the time usually taken to answer health-related questions during the application process. For non-complicated cases, the system could also provide customers with instant decision. Overall, we were able to turnaround IncomeShield applications quicker as UnderwriteMe is able to auto-underwrite about three times the number of cases that our previous system could.”

The full rollout of UnderwriteMe’s underwriting engine for all IncomeShield policy applications began in March 2022, making Income the first insurer in Singapore to augment its health underwriting capabilities with this auto-underwriting technology. There are also plans in place to extend this technology widely to provide an even better customer experience across other Income product lines.

Paul Hughes, Head of Asia Pacific at UnderwriteMe, commented: “We are thrilled to see Income make another significant step in their digital transformation journey and are proud to enable these efforts through a collaborative approach between our respective teams when we deployed our AI-ready technology which helped to streamline operational processes, reduce paperwork, and improve customer experience.”

Chin Pieng added: “Automation in underwriting has many operational and experiential benefits for both our underwriting team and customers, and helps us keep up with customers’ expectations for simplicity, convenience and faster turnaround time. The efficiency achieved through the use of this technology is also supporting transformation in the underwriting function, allowing our underwriting team more resources to focus on other business areas such as data analytics and customer service.”