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Case Study

AI-Powered Automation in Insurance Underwriting

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Industry

Insurance

Function

Mktg, Sales & RevOps

Topic

Results

8 hrs

8 hours saved per application

8FTEs

~8 FTEs equivalent capacity gain

Risk

Reduced errors and unintended risk exposure

Company Profile

Continental European-headquartered global multi-line insurer, provides property and casualty and life insurance products and services in over 200 countries and territories. Tens of thousands of employees serving individuals, small businesses, mid-sized and large companies, and multinational corporations. One of Europe’s most established multi-line insurance groups.

Challenge

Inconsistent Underwriting Processes

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