TAL and Deloitte have announced a partnership to deploy a regtech solution using artificial intelligence (AI) and voice recognition on its phone-based sales in a bid to ensure better customer outcomes.
TAL said the solution will be used on 100% of its phone-based sales calls and will feed directly into its quality assurance model and program.
"The AI solution will analyse call recordings to look for matches to phrases, statements and key words that TAL has identified as potential indicators of risk or poor consumer outcomes," TAL said.
"These calls will then be assessed by TAL's quality assurance program, improving the overall responsiveness and mobility of the program."
TAL general manager, operation risk and support, Individual Life, Sue Sdregas said regtech and voice analytics is an area of high potential.
"While there are numerous potential ways to leverage AI, TAL chose to focus firstly on those that have significant customer benefit - making sure customers are sold the right products for their needs and circumstances and that they are underwritten appropriately," Sdregas said.
"TAL decided to accelerate its work in this area some 18 months ago and as a result we now have voice analytics in full production and deployed on all of our sales calls.
"This is just one part of our end-to-end application of AI in the life insurance process, with AI also playing a significant role in several steps of the underwriting process."