IBM has built an interesting solution prototype on this topic - http://www-03.ibm.com/industries/financialservices/doc/content/landingdtw/1479639103.html. Blaze Advisor is the rules engine behind this and any kind of automated underwriting like this is going to involve predictive risk models as well as interactive dialogs. An Enterprise Decision Management approach is ideal for this kind of system - bring together rules and analytics and then pushing rules into the user interaction using something like SmartForms for Blaze Advisor.
