A leading global specialty provider of property and casualty insurance and reinsurance in the UK received business proposals and statements in an unstructured, semi-structured, and structured format. The different formats included emails and attachments of type word, PDF, excel, scanned images or as email body which prolonged the submission cycle, ability to diligently handle submissions and total business written. The company asked Coforge to study the existing landscape, identify opportunities and bring operational efficiencies to Underwriters.
Coforge developed an AI data ingestion system to overcome the manual pre-bind process by automatically abstracting all applicable data fields from business proposals. The implementation was based on its proprietary AI solution accelerator leveraging NLP and ML techniques. The extraction was presented with a recommendation (decline, non-binding, etc.) on inquiry status to the Underwriter with the ability to override. The system was integrated with Office 365 to collect and process each email submission through an AI engine and display the corresponding values on the visual interface. Key highlights of the solution: