Pre-Bind Submission System for a global specialty insurance and re-insurance provider
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
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