Waterlily, which uses AI to predict long-term care (LTC) needs up to decades before they happen, announced today the launch of Quote-and-Apply.
This new offering is said to utilize AI and computation across hundreds of thousands of insurance policy configurations to identify the mathematically optimal policies for each individual or couple, tailored to their unique needs based on predictions from machine learning algorithms trained on over 500 million data points. This entire process is completed in less than one second, completing an analysis that would take a human decades to perform manually.
Quote-and-Apply aims to simplify the application process by using AI to analyze a consumer’s medical information and compare it against the carrier’s underwriting guidelines for each specific product, highlighting potential underwriting challenges and identifying paths forward for approval, saving days to weeks of back and forth.
AI is also used to read entire policy application forms and automatically skip or pre-fill over 70% of fields based on what is already known about the applicant, drastically reducing the time and effort required to complete a normally arduous process.
This new technology intends to change how LTC insurance policy options are evaluated and purchased, instantly identifying optimized policies and pre-filling lengthy carrier paperwork, and helping eliminate months of back-and-forth with individual carriers and unnecessary stress and application denials by highlighting potential underwriting challenges even before an application is placed.
“The process for finding and purchasing long-term care insurance has been notoriously complex and opaque, leaving millions of families paralyzed by choice and process. This has led many to purchase policies that may have been better optimized to fit their expected needs,” said Lily Vittayarukskul, CEO and Founder of Waterlily. “What we’ve built with Quote-and-Apply enables advisors and families to conduct a mathematically complete analysis of hundreds of thousands of policy permutations, a process that is physically impossible for a human, all in the span of a second, to instantly arrive at options with the highest return on investment personalized to an individual or couple.”
