This post is part of a series sponsored by Selectsys.
In the fast-paced insurance industry, MGAs and wholesalers are constantly faced with the challenge of managing large volumes of applications from agents. Gatekeepers typically spend significant time manually sorting submission emails, extracting details from forms, performing clearances, and assigning tasks to underwriters. This manual process not only creates bottlenecks, but also delays response times, which can be the difference between winning and losing trades.
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Problem: Manual send process
When agents send submissions to dedicated email addresses, gatekeepers must read each email, identify the line of business (LOB), and manually process each submission. This includes clearances in agency management systems, assigning tasks in workflow systems, and linking documents to document management systems (DMS). This time-consuming and labor-intensive process often results in quote delays and bottlenecks in the underwriting process.
Solution: Automated submission processing with AI OCR bridge and underwriter links
Selectsys Tech has developed an intelligent automation solution that leverages the following features: AI and AI OCR technology Eliminate the need for manual data entry and submission processes.
- AI-powered email listener: Automation begins by deploying a listener to your outgoing emails. Read every incoming email and use AI to identify the author and relevant details.
- AI OCR document analysis: AI OCR Bridge extracts information from attachments such as insurance forms and schedules and categorizes LOBs and key details.
- automatic clearance: The system uses web services to perform clearance checks directly in the insurance management system.
- Create tasks and assign workflows: Once the application passes clearance, the system automatically creates a task in the workflow system and assigns the task to the appropriate insurance company based on predefined rules.
- Data integration with Underwriter Link: Extracted data is inserted into Underwriter Link and integrated with dozens of carrier systems through APIs. This enables seamless data entry into carrier platforms, giving insurers easy access to all the information they need without manual entry.
- Get a quote in minutes: When an insurer opens a task, all data is preloaded into the insurance management system, documents are linked to the DMS, and risk data is available in Underwriter Link. Underwriters can evaluate and review quotes with just a few clicks, significantly reducing processing time.
Test case: Improving MGA turnaround time and efficiency
background: One of our clients, a large MGA specializing in property and casualty insurance, was facing significant operational bottlenecks due to manual submission processing. On average, gatekeepers 6 days Clear submissions, perform data entry, and assign underwriters to tasks. This delay in response resulted in lost business opportunities and decreased efficiency.
problem: The client’s team of 14 gatekeepers was struggling to keep up with the high volume of submissions. This caused delays in getting the necessary information to insurance companies, slowing response times and risking loss of potential business.
solution: After implementing Selectsys Tech’s AI-powered automation solution with AI OCR Bridge and Underwriter Link, our client’s operations were transformed.
result:
- Reduced turnaround time: Entry work 6 days Processing has been completed with same daythe insurance company automatically receives all the necessary data.
- Staff optimization: 90% of manual data processing was handled by automation, reducing the client’s gatekeeping team from 14 agents to just two.
- Increase in estimated quantity: Faster submission processing and data entry has enabled insurers to process three times more quotes than before, leading to a significant increase in bound insurance.
- Underwriter efficiency:Insurers can now focus on risk assessment and decision-making instead of spending time on data entry and customs clearance.
Results and impact:
Automated solutions have transformed the submission process from a tedious and time-consuming task to a streamlined and efficient process that adds significant value to your organization’s bottom line.
- Reduced turnaround time: Quotes are now processed within hours instead of days.
- Increase in estimated quantity: Our ability to process more submissions has increased the number of quotes sent to producers.
- higher binding rate: Faster delivery times mean producers are more likely to comply with policies.
Topics
insurtech
data driven
technology
artificial intelligence
insurance wholesale
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