This post is part of a series sponsored by Selectsys.
In the fast-changing insurance industry, efficiency and accuracy are paramount. For MGAs, wholesalers and insurers, managing the complexities of underwriting, quoting and data extraction can be a challenge, especially when dealing with outdated systems and manual processes. To address these challenges, SelectsysTech offers three cutting-edge solutions – Rate, Quote & Bind (RQB) Platform, AI OCR Bridge and Underwriter Link. Together, these technologies create a powerful ecosystem that transforms insurance operations, streamlines workflows, increases productivity and improves accuracy.
Modernizing the Rate, Quote, and Bind Process with RQB
One of the biggest obstacles in the insurance industry is the reliance on traditional rating platforms and Excel-based systems. These outdated tools often lead to limited data access, tedious maintenance, and inefficient distribution. SelectsysTech’s RQB platform provides an innovative solution to these challenges.
Hosted on Azure with auto-scaling capabilities, the RQB platform is an API-driven solution that prioritizes comprehensive data capture and transparency at every stage of the insurance process. It seamlessly integrates with Insurance Management Systems (IMS) and other core systems without requiring additional coding, facilitating easier management of rating versions and smooth transitions across multiple rate updates. This modern platform not only streamlines operations for insurers and MGAs, but also increases overall efficiency by keeping all relevant data easily accessible and up to date.
Streamline Data Extraction with AI OCR Bridge
Data extraction is a critical component of the insurance process, especially when dealing with ACORD forms and other customized documents. Traditionally, this has been a manual and error-prone task. SelectsysTech’s AI OCR Bridge offers a game-changing solution by automating the data extraction process.
Powered by advanced artificial intelligence, AI OCR Bridge efficiently extracts data from standardized ACORD forms and customized documents. Extracted data is seamlessly transferred to API-enabled IMS, policy management systems, assessment platforms, and digital quoting platforms. By eliminating the need for manual data entry, AI OCR Bridge significantly reduces the time and effort required for these tasks while minimizing errors and ensuring data is accurately captured and integrated into the systems you need it.
Tailored specifically for the P&C insurance business, AI OCR Bridge is a valuable tool for insurers and MGAs looking to streamline their data management processes. With the ability to handle diverse forms and complex policy information, underwriters have access to the most accurate and up-to-date data, which is essential for making informed decisions.
Simplify underwriting with Underwriter Link
For underwriters, managing quoting and contracting processes across multiple insurers is a daunting task. Navigating various insurer websites, re-entering the same data, and manually managing documents reduces productivity and increases the risk of errors. SelectsysTech’s Underwriter Link is designed to address these challenges.
Underwriter Link provides a centralized platform that enables underwriters to quote and close policies with multiple insurers from a single interface. The platform supports a wide range of lines of business, including general liability, workers’ compensation, real estate and cyber. By streamlining the quoting and closing process, Underwriter Link reduces repetitive data entry, minimizes errors and increases workflow efficiency.
Underwriter Link’s intuitive interface makes it easy for underwriters to navigate and manage their work, so they can focus on delivering great service to their clients. With increased efficiency and seamless integration, Underwriter Link helps underwriters quickly access quotes, sign policies and manage documents, all in one place.
Case Study: Transforming Underwriting and Quoting with SelectsysTech’s Integrated Solution
background
An MGA specializing in commercial property and liability insurance was facing significant challenges in managing its underwriting and quoting process. A reliance on legacy systems and manual data entry resulted in delays, errors, and inefficiencies. With a growing client base and increased pressure to reduce processing times, the MGA needed a solution that could streamline operations and improve accuracy.
assignment
- Inefficient rate, quote and binding processes: MGA was using an outdated assessment platform that was difficult to maintain and did not integrate well with other systems, resulting in bottlenecks and delays.
- Manual Data Entry: The process of extracting data from ACORD forms and other documents was manual and prone to error, inconsistencies, and rework.
- A fragmented underwriting process: Underwriters had to visit multiple insurer websites and repeatedly manually enter the same data, slowing the process and increasing the risk of error.
Solution
To address these challenges, MGA deployed SelectsysTech’s RQB Platform, AI OCR Bridge, and Underwriter Link. The RQB Platform modernized rate, quote, and binding processes and seamlessly integrated with the existing IMS for smooth transitions across multiple rate updates. The AI OCR Bridge automated the data extraction process, eliminating manual entry and reducing errors. Finally, Underwriter Link provided a centralized platform for underwriters to efficiently manage quotes and policies across multiple insurers.
result
- Increase efficiency: MGA has seen a 40% reduction in the time it takes to prepare quotes and close policies thanks to the streamlined process enabled by the RQB platform and Underwriter Link.
- Reduce errors: The AI OCR bridge has significantly reduced data entry errors, improving the accuracy of underwriting decisions and reducing the need for rework.
- Increase customer satisfaction: MGA is now able to provide better service to its customers with faster processing times and more accurate quotes, which has increased customer satisfaction and retention.
The power of integration
While each of these solutions (RQB Platform, AI OCR Bridge, Underwriter Link) has significant benefits on their own, the true power of SelectsysTech’s solutions lies in their integration. By combining these technologies, insurers and MGAs can achieve streamlined, efficient, and productive insurance operations.
The RQB Platform modernizes the rate, quote and binding process, ensuring all data is effectively captured and managed. AI OCR Bridge enhances data extraction, eliminating manual errors and giving underwriters access to accurate information. Underwriter Link simplifies the quote and binding process, allowing underwriters to work more efficiently and focus on delivering value to their clients.
Combined, these solutions are game changing for the insurance industry, providing a comprehensive end-to-end solution that meets the demands of modern insurance operations. For MGAs, wholesalers and insurers looking to increase efficiency, reduce complexity and gain a competitive edge, SelectsysTech’s integrated solutions provide the right answer.
Conclusion
By implementing SelectsysTech’s integrated solution, MGA was able to transform its operations and improve efficiency, accuracy and customer satisfaction. This case study highlights the tangible benefits of using advanced technology to modernize underwriting, quoting and data management processes.
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topic
Data-Driven
underwriting
