AI Powered Automation in Insurance Underwriting reduces unintended risk exposures

Industry : Insurance

Function : Sales


8 hours saved per application

8 hours saved per application

8 FTEs equivalent capacity gain

8 FTEs equivalent capacity gain

Reduced errors and unintended risk exposure

Reduced errors and unintended risk exposure

Company Profile

A leading multi-line insurer that provides a wide range of property, casualty and life insurance products and services in more than 210 countries and territories. Customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations.

Automation Case Study Snapshot:

  • Industry: Insurance
  • Challenge: Inconsistent underwriting processes
  • Solution: Custom RPA development
  • Outcome: Increased sales efficiency and improved compliance

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Challenge: Inconsistent underwriting processes

Inconsistent underwriting processes were causing lost sales, time-consuming verifications, and unintended risk exposure.

New policies and clauses often deviated from internal best practices and reference contracts, causing delays, and raising concerns about fairness and compliance.

Management sought a solution to streamline the process, ensuring policies are priced quickly and fairly based on the unique risk profile of each applicant. This would require a solution that automates key tasks, standardizes best practices, and optimizes pricing for fast, fair, and compliant policy issuance.

Solution: AI-Powered Automation in Insurance Underwriting

The solution utilizes powerful AI tools that automatically read dense structured and unstructured documents and understand the relevant content therein.

Using the tool as an extension of the human team, the insurer can include more factors from more documents during underwriting. The completed implementation provided expanded research capacity equal to 8 additional team members.

AI-Powered Automation in Insurance Underwriting helps uncover unintended exposures and policy inconsistencies at scale. The tool enabled experienced underwriters to save an average of 8 hours per application. This allowed the team to make smarter decisions, improving compliance and speeding the quoting and sales processes.