Skip to main content

3X increase in Insurance submission processing rate using AI/ ML

The Client

Global specialty insurance & re-insurance provider for the property and casualty lines of business; foot-print in 228 cities in 30 countries with A+ ratings.

The Challenge

  • Political Risk line of business receives 7,000 business proposals (SOVs) a month, and volumes were increasing
  • Low U/W capacity as U/W teams were only able process less than 80 submissions a day (23% of volume)
  • Losing on opportunities to underwrite more new business
  • Inefficiencies due to manual and cumbersome pre-bind cycle

The Solution

  • Designed and developed a Submission system leveraging niche AI / ML technologies
  • System automatically picked-up all incoming proposals and extracted structured and unstructured SOVs
  • Based on U/W rules, gave a soft recommendation to underwrite or decline
  • Plugged into their Outlook email, for ease of use and seamless outreach

Value Delivered

  • Submission processing rate increased 3 times – U/W reviews of additional 4,500 SOVs a month
  • Reduced unutilized U/W capacity by 15% - soft recommendation allowed U/W to focus on core tasks
  • Reduced policy administrative costs by 20% - integration with Guide-wire streamlined Quote and Bind processes
  • Efficient U/W experience in pre-bind space
Let’s engage