Faster, more accurate data

Assistance from artificial intelligence enables underwriters to service more requests with greater accuracy, and ultimately write more business. Other areas that an AI application can help the underwriting process include…

Customer acquisition: Insurers can suppress leads that don't match their risk appetite so underwriters don't waste time researching business they won't write, and quicker response processes help improve agent and customer experiences.
Automated submissions: Underwriters can spend hours on data entry, but AI solutions like prefill policy application data and one-click submission-to-quote help simplify and shorten the quoting process. And AI can further validate and enrich information from insurance application forms.
Streamlined policy monitoring: Real-time insights helps update, enrich, and maintain portfolio data as well as assess new risk, which keeps the process smooth and supports faster premium and policy auditing.
Simplified renewals: Underwriters can leverage real-time risk profiles and minimize the back and forth between underwriting teams and agents.

AI empowers the underwriting process with faster, more accurate data and information. AI does not do the underwriting — it automates the gathering and validating of information and streamlines the process. Machine learning algorithms can identify patterns and connect data points to reveal insights that would be invisible to most human eyes. Embracing AI in the insurance continuum boosts submission-to-quote speed, limits loss ratios, creates better pricing models and more. This benefit is felt by the customer in the form of faster and more competitive quotes, and higher accuracy in risk detection.

Special Reports /

Artificial intelligence: The answer to underwriter fatigue

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