PolicyMe launches AI underwriting copilot

Canadian insurance distributor PolicyMe has launched an internally developed AI copilot to help underwriters review life insurance applications. The company says the tool has reduced turnaround time on those cases by 59%, based on internal data.

The copilot consolidates medical records, lab results, and supporting documents into one workspace, generates structured case summaries, and suggests underwriting decisions with supporting evidence. It also drafts customer explanations for declined, postponed, or rated applications.

PolicyMe says most applicants already receive decisions in seconds through its automated underwriting technology. The new tool addresses applications requiring additional review, with the reported reduction measuring the time between an underwriter receiving a complex case and returning it reviewed.

Underwriters retain control of final decisions and review and approve AI-generated outputs before they reach customers. The system operates within PolicyMe’s isolated cloud environment, with safeguards preventing customer data from being used to train underlying AI models.

Founded in 2018, PolicyMe distributes life, critical illness, and health and dental insurance online and offers embedded insurance solutions to partners. The company says it has helped more than 50,000 Canadians secure over $20 billion in coverage.