Global insurer uses Birlasoft’s AI based solution to streamline submissions and accelerate revenue growth

  • 2x increase in quote-to-submission ratio from 6% to 12%
  • 2x increase in bind to submission ratio from 3% to 6%
  • Quicker broker submission clearances
  • Significant reduction in spends owing to removal of manual efforts
  • Better customer experience for the payor and the brokers
  • Accelerated revenue growth
Business Overview

This insurance firm was struggling to effectively manage the massive volume of daily broker submissions. By reviewing these submissions manually and not automating this process, the firm was missing out on a massive revenue growth opportunity.

Business Challenges
  • The process involved extraction of data from multiple sources which was an extremely complex activity
  • The manual interventions are not efficient enough to manage the huge volume of submissions
  • There were several errors that occurred in data validation while capturing structured and unstructured data
Birlasoft Solution

Birlasoft's commercial lines submission automation solution uses AI and machine learning as the core technology to speed up the underwriting process. It streamlined the submission process through automatic intake of data from ACORD Forms and other documents, tracking submissions data on a dashboard and provides for large volume handling, pre-clearance using rules, expedited quote process and profitable books. This solution leveraged AI and machine learning based built-in models to continuously learn and improve from submissions handling and underwriters' actions resulting in bind/no-bind decisions.