Abacus Settlements Uses Artificial Intelligence to Expedite Life Settlement Underwriting
PRESS RELEASE UPDATED: DEC 13, 2018 14:29 EST
ORLANDO, Fla., December 13, 2018 (Newswire.com) – Due to the growing demand for real-time decision making in the life settlement market; various models and sources of data have emerged which have streamlined the underwriting process. In 2017, Abacus launched its first streamlined underwriting and valuation product called Abacus Express. With just the client’s age, gender, and primary impairment(s), we establish an initial life expectancy by cross-referencing a client’s information against thousands of previously generated life expectancies, thus removing medical records from the initial decision-making process.
“Abacus Express allows us to deliver pricing in a fraction of the time without sacrificing quality or accuracy for the client. Initial pricing is now impairment based…not hypothetical range based,” says Scott Kirby, Managing Partner at Abacus Settlements.
But now, Artificial Intelligence (AI) has been introduced to the underwriting process which makes the final underwriting quicker and much more accurate. As many are learning, Fintech is a growing segment of the finance industry. While life settlement adoption has been limited, Abacus is pioneering nearly instant underwriting informed by deep learning algorithms. Traditionally, an individual underwriter would need to review and summarize each insured’s medical profile based on hundreds of pages of medical history which could take an average of 8-10 days per case. Abacus’ advanced underwriting algorithms can now accomplish that same task in seconds. The process was born out of major hospitals and universities who process large amounts of medical data quickly to assess the best possible treatment options for patients. This technology is streamlining the settlement life cycle which means clients are receiving their money quicker.
“Once the client is comfortable with our initial valuation, we then begin to formalize the offer much quicker using AI. In a matter of seconds, our underwriting AI can fully scan and parse out medical records without any human error. The days of waiting 2-3 weeks to generate an offer are over!” says Scott.
ABOUT ABACUS SETTLEMENTS
Abacus Settlements, LLC is a nationally licensed life settlement provider with a corporate office in Orlando, Florida. Founded in 2004, Abacus works with life settlement brokers, professional advisors, consumers, and institutional investors by optimizing the value of unwanted life insurance. For more information, visit https://abacuslifesettlements.com.
Jeff Smith, Director of Marketing | 407-988-1088 | [email protected]