Several insurers struggle to be their agile best in managing the huge number of broker submissions they receive on a daily basis. By reviewing these submissions manually and not automating this process, the insurers stand to lose out on several millions of incremental revenues.
How it works?
Birlasoft's commercial lines submission automation solution uses AI and machine learning as the core technology to speed up the underwriting process. This results in quicker clearances, spends reduction and a better customer experience, all leading to higher margins and revenue growth.
Automated Data Extraction: Submission intake includes data extraction from standard ACORD forms and unstructured data from broker emails, Loss Runs, SOV's and other documents
Data Enrichment: Collect relevant data from legacy systems and third-party sources to enable quick and right decisions
Data Validation & Support: Handle and report exceptions when data/document quality is unacceptable
Tracking: Easy to track all incoming submissions, associated documents and status on a portal
Scalable: Robust architecture allows for easy maintenance and addition of new document types/versions for data extraction
Pre-Clearance: Pre-defined business rules with an option to configure rules to select or reject a submission
Data Prefill: Automated data entry for selected submissions in policy system for risk rating, pricing and issuance
AI and ML modelling: Built in models to continuously learn and improve from submissions handling and underwriter actions resulting in bind/no-bind decisions
A commercial insurance carrier that gets 28000 number of submissions with an industry average quote-to-submission ratio of 5.7% and a bind to submission ratio of 3.1% can add incremental revenue of $25 million post implementation of this solution
How we make it happen?
Doubling the quote-to-submission ratio from 6% to 12%. Doubling the bind to submission ratio from 3% to 6%
With machine learning as the foundation, the underlying model continues to learn as it works on the data thus leading to continuous improvements in revenue and margins
Faster onboarding: pre-built templates reduce the TAT of the initial deployment phase leading to faster gains
Ease of use: the unbundled solution framework enables the customers to pick and choose the best combinations
Reliable and diligent: our work doesn't come to halt with the product deployment. You'll get 24 x 7 team support for post implementation support and managed services for 8 weeks
Wide array of licensing choices: whether it's on-premise or cloud, we help you pick the right option
Best of breed data recognition: whether it's a hand-written form OR a printed one, this solution is capable of reading data from all sort of documents
Customer satisfaction scores rate us among the top 99% percentile in the industry - 4.74/5
90% of our project managers have 10+ years of experience in delivering complex technological/domain projects
300+ consultants in insurance who are our strength to deliver best in-class services
50+ certified consultants which include AINS, LOMA and CPCU
20+ years of experience in serving clients across the globe including several Fortune companies