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
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
Solution
- Designed and developed a Submission system leveraging niche AI / ML technologies
- System automatically picked-up all incoming proposals and extracted structured and un-structured 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
