It’s difficult to identify the best risks manually with a wide-variety of formats
All carriers have the difficult task of responding to the growing volumes of inbound submissions in a timely manner. Especially with middle-market and large accounts because these submissions are sent via email and contain insurance applications, exposure schedules, loss runs and other attachments. And, often times, critical information is within the body of the email itself.
It can take days or weeks with considerable cost to piece together all the information required to address this growing number of submissions– and key processes used to set up each individual submission call for these data pieces.
With these factors combined, we see carriers face a continual struggle between the cost, time, and quality of data acquisition.
The impact for carriers has never been greater
More than half of every premium dollar collected is spent on expenses associated with writing business, both renewals and new.
The cost to acquire data from each submission ranges from $85 to $100, which is a cost that doesn’t even represent access to all of the necessary data points. And then, is it accurate?
Often times, carriers are forced to make the tradeoff of using minimal information to clear a submission and quote new business based upon relationship and instinct.
99%+ accurate data elevates the submission intake and underwriting processes
Groundspeed enables the automated extraction of data from submission documents. This includes the email itself, insurance applications, exposure schedules, and loss runs.
Supported by the most precise Artificial Intelligence (AI), our Rapid Fusion data pipeline delivers the desired data for the entire submission.
With a failsafe quality assurance process that includes a human in the loop, we return near-perfect data, quickly, to support and inform your submission intake and underwriting process.
Transforming data for a revolution
Imagine a world where Setup and Clearance is highly automated, carriers can orchestrate a smart triage process accelerating the evaluation of both better and more submissions, liberating underwriters to do what they do best – underwrite. And, utilizing all information for rating purposes.
Make informed decisions
Armed with the right data, underwriters can merge their highly skilled expertise with complete and accurate information to make great decisions for their company. With the near-perfect and enhanced data from our Rapid Fusion pipeline, underwriters can see all elements of risks and capitalize on that insight.
Set up and clearance with speed
Our technology automatically extracts the key data fields you need to clear and set up both new and existing accounts, which means you can do your clearing and set up much faster and without the higher cost of time and money of doing it manually.
Quickly find the submissions that match your risk appetite
Our Rapid Fusion data pipeline recognizes the right data fields to match the risk characteristics against your risk appetite. Every single submission can be vetted against the success metrics for your business and underwriters can be alerted to prioritize the best matches.
A more complete data set
Our technology automatically extracts the data from all submission documents and fuses it with 3rd party data in the same process. This fusion creates a complete view of risk– an advantage that is not readily available to carriers today with manual process.
Complete submissions extracted
Our automation was designed to extract and enhance mass volumes of data from all submission documents. Within hours, everything you need is available to evaluate the inbound submissions with data-driven confidence.
Accurate rating information
We provide detailed rating information from submissions that are both quoted or unquoted, so that those unquoted can be analyzed and fed back into the underwriting process to inform sharper decision making going forward.
Aon unlocks value from unstructured data
Machine-harvested and AI-enhanced data helps Aon Reinsurance create more relevant client solutions by enabling Aon’s internal systems to better identify causes of claims and support industry benchmarks,
Automated Submission Processing for Top-5 Carrier
Underwriters are now freed from entering data and can devote more time to writing business. In addition, a complete data set highlights competitor rate sufficiency and loss development trends.
Loss Run Processing for Top-25 Carrier
The client increased quote ratio and reduced underwriter bias in submission selection, and underwriters have been freed from the task of entering data to focus on submission evaluation and production.