The Client
US Based Personal & Commercial Insurance provider
Challenge
- The new business quote process relied on manual processes to develop underwriting risk analysis. Manual activities included:
- Review of submission attachments including loss runs, location and fleet schedules, application documents, driver lists, etc.
- Documentation of key profile criteria such as Public Protection Class, classification code, territory code, etc.
- Entry of submission data into policy admin or rating system.
Solution
- Implementation of Coforge SLICE (Self Learning Intelligent Content Extraction) solution for data ingestion and extraction
- Implementation of Terrene Labs (TL) Risk Profile solution for third-party underwriting data
- Integration of SLICE and TL solutions to produce full underwriting risk profiles
- Full integration of prior company loss reports (provided by prior insurance carriers) into a full underwriting risk profile
Value Delivered
- 50% reduction in manual Under-wiring activities for each new submission
- 25% improved accuracy from a reduction in data entry errors
- Allowed UW to generate more business & time for prospective marketing
- Enabled insurer to discontinue maintenance of proprietary XML schema in favor of industry standard (ACORD XML)'