Digital Insurance Agenda

DocMe: Intelligently underwrite insurance policies in minutes

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on Jun 28, 2022

Buying a life policy is not the easiest process. It is not an exception to the rule that prospects or clients have to wait for days and weeks for a policy to be underwritten and accepted, due to external factors like medical exams, which results in higher costs and dropout rates. Especially in the recent pandemic years where life and health insurers were finding new triggers to sell in a more digital world, the digital journey should be easier.

DocMe is an intelligent underwriting tool to measure heart rate and blood pressure in real-time from a face video, allowing insurers to underwrite in minutes. This allows them to save time and costs (by up to 90%) and consequently improve conversion rates whilst offering a smoother customer journey.

It allows for flexibility in meeting customers’ expectations whilst keeping control of risk mitigation. DocMe was awarded the King’s College Entrepreneurship Prize 2021 and is part of the Plug and Play InsurTech Europe Batch 2022.

How does it work?

People record their face video on their computer, DocMe measures real-time vitals in seconds and presents these data to the insurer to initiate the next phase of underwriting or onboarding. For the insurer this speeds up the policy start like never before.

In more detail, DocMe uses AI to detect the age, sex and ethnicity from a face video in. To assess the risk, it uses the same face video to measure heart rate and blood pressure in real-time to determine a risk score based on the protocols of insurers. Longitudinal measurements can be added to empower policyholders with chronic conditions to track and improve health, enabling cost effective risk mitigation for insurers.

It is an all-in-one, full-stack and smart underwriting solution tailored to the insurer’s needs. Measuring vitals in real time, like a medical exam in seconds, saves up to 90% of costs. DocMe works with the face camera consumers have on their laptop or mobile, so no additional devices are needed. Its AI algorithms collect demographic data for easier and more accurate analysis.

DocMe offers a cloud-based solution that adds agility and simplifies the underwriting process for insurers and consumers. It can be used to improve existing procedures for risk assessments based on protocols that insurers already use. DocMe follows ISO standards for evidence-based and data-driven technology.

Why did we select DocMe for DIA Amsterdam 2022?

While there is an increased demand for life insurance and consumers’ digital expectations are high, unfortunately the number of players who get it right is still small. Life insurance is often still lagging due to difficulties in underwriting.

DocMe has developed a customer-friendly technology that is trusted by companies in healthcare, insurance and beyond. This ensures that consumers have an easy journey while at the same time insurers do not have higher risks.

At DIA Amsterdam 2022, Pratyay Poddar will present a prototype of the solution and explain how insurers can use DocMe to smart underwrite policies in minutes.

Who is DocMe?

DocMe was founded 2021 by Pratyay Poddar (CEO), Sophie Kithcin (COO), Rajdeep Surolia (CTO) and William Waldock (CMO) in London, United Kingdom. Besides the Vitals product for smart underwriting, it also offers a telemedicine product that measures vitals as a screening technology for video visits.

DocMe has a multinational, multidisciplinary team spread across six timezones spanning from Australia to America. It combines highly skilled and dedicated technologists and healthcare professionals that bring the passion, skills, commitment, and, more importantly, have the ability to deliver regardless of the environment.

“Our mission at DocMe is to deliver low-cost, transparent, high-quality digital insurance services, which are on the verge of a seismic, tech-driven shift. Our AI algorithms aim to smartly underwrite policies in minutes, cutting down underwriting costs by up to 90%, and improving policy inception rates dramatically.”

Pratyay Poddar, CEO DocMe

As always here’s their website!

Watch their presentation at DIA Amsterdam 2022 here!

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