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

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