This post is part of a series sponsored by Selectsys.
In the fast-paced insurance industry, MGAs and wholesalers face the challenge of managing high volumes of agent submissions. The manual sorting, extraction of details, and task assignments to underwriters create bottlenecks and delays in response times, impacting deal outcomes.
Discover Selectsys Tech’s AI-Powered Automation Solution.
The Issue: Manual Submission Processing
When agents submit emails, gatekeepers manually handle each submission, clearances, data entry, and task assignments, leading to delays in the underwriting process.
The Solution: Automated Submission Processing with AI OCR Bridge and Underwriter Link
Selectsys Tech’s innovative automation solution, utilizing AI and AI OCR technology, streamlines data entry and submission handling.
- AI-Powered Email Listener: Identifies details in incoming emails using AI technology.
- AI OCR Document Analysis: Extracts information from attachments and classifies key details.
- Automated Clearance: Performs clearance checks directly in the insurance management system.
- Task Creation and Workflow Assignment: Automatically assigns tasks to underwriters based on predefined rules.
- Data Integration with Underwriter Link: Seamlessly enters extracted data into carrier systems.
- Quoting in Minutes: Accelerates the quoting process for underwriters.
Case Study: Improved Turnaround Time and Efficiency for an MGA
Background: A large MGA faced operational challenges with manual submission processing, resulting in delays and inefficiencies.
Problem: Operational bottlenecks and delayed responses due to manual handling.
Solution: Implemented Selectsys Tech’s AI-Powered Automation solution.
Outcome:
- Turnaround Time Reduced: Submissions processed on the same day instead of 6 days.
- Staff Optimization: Reduced gatekeeping team from 14 to 2 agents.
- Increased Quote Volume: Underwriters processed 3x more quotes with automation.
- Underwriter Efficiency: Underwriters focused on decision-making rather than data entry.
Results and Impact:
The automation solution streamlined submission processing and significantly enhanced efficiency, positively impacting the organization’s bottom line.
- Improved Turnaround Time: Quotes processed within hours.
- Increased Quote Volume: Higher number of quotes generated.
- Higher Bind Rates: Improved chances of policy binding.
Topics
InsurTech
Data Driven
Tech
Artificial Intelligence
Insurance Wholesale
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