Artificial intelligence speeds insurance underwriting and reduces unintended risk exposures

Industry : Insurance Function : Sales

Company Profile

A leading multi-line insurer that serves its customers in global and local markets, providing a wide range of property and 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.

Scope Highlights

  • Applications for insurance with supporting documents
  • Insurance underwriting
  • Artificial Intelligence models
  • Risk management

Challenge

The underwriting process is how insurers determine the price of coverage and is based upon the proposed policies unique circumstances and risk profile. The insurer lacked consistent processes to ensure that new policies and clauses aligned to internal best practices and reference contracts. This lack of standardization resulted in lost sales, time-consuming verification process and unintended risk exposure. Management sought to ensure policies were priced quickly and fairly for the risk exposure.

Solution

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. This tool helps uncover unintended exposures and policy inconsistencies at scale, enabling experienced underwriters to make smarter decisions faster and speed the quoting and sales processes.

Results

8 hours saved per application

~8 FTEs equivalent capacity gain

Reduced errors and unintended risk exposure