Clearance of submission within 2 hours of receipt
A leading wholesale insurance distributor in the US was facing challenges in new business submission clearance. As the submission process involved the manual extraction of data from Excel and Word documents, PDFs, as well as broker emails and entering it into the database, there were significant delays and inaccuracies in the output. Additionally, the underwriters failed to devote time to core activities like building and maintaining relationships with brokers to drive value for the business.
The GO Creative™ Solution
Following an analysis of the project, we recommended focusing the process improvement efforts on expediting the clearance or decline of new business submissions, improving output quality, adhering to all guidelines, increasing the opportunity to bind policies, and creating higher investment opportunities. We achieved these goals by complementing the manual process with cutting-edge AI technology that extracts the data from the documents received and directly plugs it into the client system. Based on the business guidelines, the technology identifies the submissions that do not fit the underwriting portfolio and declines them automatically. Further, we employed automated submission triaging to filter applications and prioritize them to ensure that critical submissions are cleared first.
The process automation resulted in significant gains such as:
- Clearance of submissions within 2 hours of receipt
- 99% quality of service score
- Improved direct written premium and loss ratios
- Increased quote to bind ratio
- Greater opportunities to increase direct written premium due to more submissions being cleared
- Expedited application process for customers
- Less E&O exposure