Cognitive solution to improve Underwriter operations for a leading Insurance company in UK

Challenges.

• Inefficient Use of Time: Underwriters spend valuable time sifting through emails and attachments, delaying the underwriting process. 
• Increased Risk of Errors: Manual data extraction from unstructured formats is prone to human error, potentially leading to inaccurate underwriting decisions. 
• Difficulty in Tracking Information: Extracted data is scattered across different files and formats, making it challenging to track and analyze negotiation details comprehensively. 

Solution.

• AI and ML for extraction of relevant content from emails. The company received emails from more than 400 sources. 
• Solution involved training for various email templates. Training involved using NLP techniques to understand natural language and extract intent, classify emails and convert ingested data to structured format using NLP and Machine Learning. 

The Impact.

• Ability to handle up to 3.x more cases leading to increased revenue. 
• Quicker turnaround and faster decision making. 
• Underwriters can focus on high value tasks.