Client Context & Situation
The client is a fortune 500 company, a global specialty insurance and re-insurance provider for the property and casualty lines of business, with a strong footprint in 228 cities in 30 countries with A+ ratings
Key Business Challenge:
- Received large volumes of business proposals approx. 7,000 statement of values (SOV’s) per month with incremental provisions in sight
- Had unutilized underwriting (UW) Capacity. UW teams were only able to process 80 submissions a day which was only 23% of the total volume received.
- Opportunity lost to underwrite more business
- Inefficiencies due to manual and long-winded pre-bind cycle
Scope of Services:
- Designed and developed a submission system leveraging niche AI / ML technologies
- 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, for ease of use and outreach
Key Outcomes:
- Submission processing increased 3 times. UW review of more than 4,500 SOVs a month with incremental capacity to learn more.
- Soft U/W recommendation, based on pre-defined rules, enabled U/W to focus on core tasks around identified opportunities.
- Integration with Guidewire, streamlined quote and bind processes.
- Delivered efficient U/W experience in pre-bind space
