The Challenge
As an MGA, the client is trusted to underwrite risks and bind specialty policies for other insurers, but they were limited by slow loss run review and underwriting. These critical processes involve analyzing a large volume of unstructured data to review previous losses and claims in order to evaluate risk and price the policy appropriately.
They were not meeting industry benchmarks due to manual review processes and inefficient workflows. They were also unable to monitor broker and underwriter performance in real time, making them less responsive to clients and restricting their decision-making.
