Newly patented AI insurance pre-qualification tool goes a step further

A newly patented AI-powered insurance software tool takes the pre-qualification process a step further, say its developers.

Insurance Software Automation, the software branch of insurance product development company Insurance Innovation Partners Group, is the sole holder of the patent on its new AI-powered self-disclosure pre-qualification tool, Best Plan Pro.

The software tool automates eligibility checks based solely on user-disclosed data. Best Plan Pro’s technology enables agents to evaluate insurance plans instantly by analyzing customer-provided medical data in real-time, without requiring third-party data verifications or manual processes.

“From our perspective, what it does is very unique in the market… Essentially, the software eliminates risks and gives the agents the right product to put the client in,” Jim Higgins, president & CEO, IIP Group, said.

How Best Plan Pro works

Best Plan Pro helps clients get qualified for coverage when they call in to get a quote, before the application process begins.

“Essentially, what a client can do, or an agent can do with a client, is the client can just disclose what medications they’re on. From that disclosure, the software actually gives the agent an idea of what the medications are used for. They can ask those questions to the client and, based on that, they can get specific to that type of product from carriers that will underwrite that risk,” Higgins explained.

He acknowledged that many other tools provide insurance quotes. Best Plan Pro, however, takes the process a step further by also telling the agent whether the client would qualify for that particular policy.

The tool, dubbed Best Plan Pro, is expected to be a “win, win, win” for almost every facet of the American insurance industry, according to IIP Group executives who spoke with InsuranceNewsNe

“We don’t actually say what the right product is for the customer. We provide an assorted output of products that the agent is appointed with to give them the information of who’s most likely to accept the customer,” Zachary Bornehimer, VP & CIO, IIP Group, added.

Both executives said Best Plan Pro helps to:

• Eliminate guesswork for agents
• Create a smoother underwriting process
• Reduce the number of declined applications and related expenses for insurers
• Diversify range of products quoted
• Give clients a better experience

“When everybody wins, we like that; it’s a good day,” Higgins said. “Why shouldn’t everybody win?”

AI-powered pre-qualification

ISA’s Best Plan Pro is a pre-qualification engine that was built on artificial intelligence. Bornehimer noted that its development predates large language models, but it is still a self-learning system.

For example, if an agent spells the name of a product wrong, the AI can learn from that and consistently correct that spelling automatically for all users going forward.

“We have a very tailored set of AI protocols for agent experience, systemized underwriting rules, inference and accuracy modeling. We have about five or six different AI processes that contribute to this artificial intelligence set of processes. So, it’s not one single thing,” Bornehimer said.

Agent-driven approach

ISA’s approach is agent-driven rather than client-driven, with systemized questions about pre-disclosure designed to help “make every agent consistently good.”

“The software is designed in such a way to trigger the agent to have really good behaviors and ask certain questions, and then the software can infer a bunch of information to you. It prompts that questioning to help really dig deep into that logic and to really understand the customer and get a good health profile before you start trying to apply for insurance,” Bornehimer said.

Higgins noted that this is particularly useful for new agents who do business with 10 or 15 different insurance companies but not yet be familiar with the underwriting criteria for each product with those companies.

“This software really eliminates a lot of that guesswork for the agent,” he said.

Bornehimer added that experienced agents and underwriters can also benefit because a systemized series of questions and follow-ups means they don’t have to “worry about the minutiae of underwriting,” but can instead focus on either the “art of selling” or more complex underwriting cases.

More AI advancements expected

According to Bornehimer, statistics from ISA’s pilot testing found “an average of a 15% increase in placement across all carriers and a 25% decrease in guaranteed issue coverage in exchange for day-one coverage.”

He said these statistics indicate a success rate the company hopes will inspire further AI innovation in insurance.

“We’re hoping to also see innovative insurance products coming out that help more people. Because we have the patent in AI-based pre-qualification, we expect that the transformation here will be in different areas…and we think that we can do that through this software, through our AI,” Bornehimer said.

Higgins revealed that ISA is already planning the next step of its Best Plan Pro software with an integrated E-app platform for clients that will provide a seamless transition from pre-qualification to pre-application.

“We spent about the last year or so kind of developing our own E-app platform so that we can go directly from that product into the application process for any insurance company. We’re using this technology to hopefully modernize the entire application process from quote all the way through application and policy delivery. That’s really the next evolution of the software,” he said.

ISA, a subsidiary of IIP Group Holdings, is a technology company specializing in automation solutions for life, health and annuity product providers. IIP Group Holdings provides life, health and annuity product design, development and distribution. It was founded in 2017 and is based out of Bridgewater, New Jersey.

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