Powering Up Underwriting: How AI Triples Submission Processing for a Global Insurer

Challenges

The client faced several limitations hindering their underwriting efficiency:

• Manual Workload: A high volume of proposals (7,000 Statements of Value (SOVs) monthly) required manual processing, creating a bottleneck and slowing down review times.
• Limited Processing Capacity: Underwriting teams (UW) could only handle a fraction of the proposals (80 submissions daily, representing only 23% of the total volume). This resulted in missed business opportunities and underutilized underwriting capacity.
• Inefficient Pre-Bind Cycle: The traditional, manual pre-bind process lacked automation, hindering efficiency and delaying underwriting decisions.

Solution

To address these challenges, Coforge developed an AI-powered pre-bind submission system:

• Automated Intake and Data Extraction: The system automatically captured all incoming proposals and extracted structured and unstructured data from the Statements of Value (SOVs). This eliminated manual data entry and reduced processing time.
• AI-powered Underwriting Recommendations: Leveraging pre-defined underwriting rules and machine learning, the system provided soft recommendations for underwriting or decline. This allowed UW teams to focus their expertise on high-potential opportunities.
• Seamless Integration with Existing Tools: The solution seamlessly integrated with the client's existing Outlook system, ensuring easy access to proposals and facilitating outreach for further communication.

The Impact

• 300% increase in submission processing
• UW teams reviewed over 4,500 proposals monthly
• Integration with Guidewire ensured a smooth quote and bind process
• More efficient pre-bind process for underwriters