Time & money are precious resources underwriters need more of– take advantage of our advanced and smart automation to unlock the insight in your unstructured data and write better business.
Today, carriers can’t even evaluate risk until a broker of record (BOR) has been confirmed and the submission has been set up for underwriting. And these preliminary steps are far from painless– operations and underwriting assistants manually key in data, check various systems for the BOR, and prep the submission for underwriting.
This process is manual, time-consuming, and costly.
To accelerate this routine, our AI-powered technology automatically extracts the key data fields you need to clear and set up both new and existing accounts.
With faster set up and clearing, you avoid the high cost of time and money of doing it manually and the completed data set from our pipeline arms you with insight into key risk factors that assist in the triage process.
Carriers generally know their risk appetite, and need to wade through a large volume of submissions to understand which risks are their best match. But it takes time to manually dig through all the options and often times, opportunities that fit are overlooked.
With our modern technology, you can shrink your ratio of too much volume to too few resources and achieve a more ideal state where more business can be written– and written profitably.
Our technology recognizes the right data fields to match the risk characteristics against your risk appetite, so every single submission can be vetted against the success metrics for your business and underwriters can be alerted to prioritize the best matches.
At the same time, bad matches are declined and borderline cases can be flagged for human expertise with a complete understanding of the risk.
There is a wealth of data from submission documents and third party data sources, which creates a process of manually extracting data and then enriching the submission with the available 3rd party data sources.
Because this is so time consuming and costly, often submissions are evaluated without leveraging the data might be available.
Our technology automates this painful two-step practice by automatically extracting the data from all submission documents and fusing it with 3rd party data in the same process.
This fusion creates a complete 360° view of risk– an advantage that is not readily available to carriers today.
Carriers thirst for more data about risk and need to balance that desire with the cost and time it takes to obtain it.
Current methods are costly, time-consuming and are prone to have inaccurate data that requires human intervention for correction.
This challenge is exacerbated by the day-to-day demands on operations and underwriting.
Without the time to address these competing factors, carriers often make the tradeoff to not gather all of the data and is then limited in their understanding of the inbound risks– both the risk they write and ones they decline.
Our automation is designed to extract and enhance these mass volumes of data from all submission documents. Within hours, everything you need is available to evaluate the inbound submissions with data-driven confidence.
Obtaining accurate data to drive the rating process is heavily manual and often leads to general assessments found in composite rating approach, even when a line-based rating approach is preferred.
Having accurate data available during the actual rating process is heavily desired by actuary, underwriting, and other functions in the carrier.
Our process provides individual data fields required for complete rating. And with accurate data, carriers can both ensure that risks are priced appropriately and proactively decline risks that have problematic loss development.
We provide this detailed rating information from submissions that are either quoted or unquoted, so that those unquoted can be analyzed and fed back into the underwriting process to inform sharper decision making going forward.
Underwriters have the difficult job of capturing and synthesizing the data from submissions to make a proper assessment. Often times, evaluating an inbound submission is not a clear scenario, even when it comes to renewals.
Risk factors take time to input and assess. This manual approach is a time-suck that costs money, especially for new business.
Armed with the right data, underwriters can merge their highly skilled expertise with accurate information and make great decisions for their company.
With the near-perfect and enhanced data from our pipeline, underwriters can see all elements of risks and capitalize on that insight.
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