Taiwan Life: External Open Health Data for Digital Accelerated Underwriting

Taiwan Life saw an opportunity to be the first to leverage new digital data from the government’s e-health initiative, using machine learning (ML) to facilitate and support underwriting for the digital remote world. Taiwan Life created a mobile application that enabled customers to obtain personalized artificial intelligence (AI) health assessments, by consent, of their own digital health data. Taiwan Life’s vendor, Lydia AI, takes in the customer medical data containing specific details from hospital records and associated diagnoses to make health risk predictions. This initiative enabled Taiwan Life to offer accelerated underwriting to qualified applicants, based on their health score derived from new alternative digital data.

This winning case study materialized the vision for the conception of an integrated ecosystem for digital information exchange, which speeds up processes, reduces incurred costs, and offers greater convenience and better customer experience. The focus on including insurance business units such as actuaries and underwriting in the model development process promotes strong data literacy awareness in the organization. Another factor that contributed to the success of this case study was the symbiotic partnership between the insurer, Taiwan Life, and its vendor, Lydia AI.