Automate your submission management through Al and Machine Learning to drive profitability.
Several insurers struggle to be their agile best in managing the huge number of broker submissions they receive on a daily basis. By reviewing these submissions manually and not automating this process, the insurers stand to lose out on several millions of incremental revenues.
Birlasoft Commercial Lines Submission Automation solution streamlines the new business submission process through an automatic intake of data from ACORD forms and other documents. The solution uses AI and machine learning as the core technology to speed up the underwriting process. This results in quicker clearances, spends reduction and better customer experience, all leading to higher margins and revenue growth.
Data Ingestion -
Automated Data Extraction (ACORD forms and unstructured data from broker emails, Loss Runs, SOV's and other documents)
Data Validation & Support
Pre-clearance Engine -
Track - all incoming submissions, associated documents and status on a portal
Scalable - with robust architecture build on Microsoft Azure it is easy to maintain and add new document types/versions for data extraction
Pre-clearance - Pre-defined and configurable business rules
Augmented Underwriting -
Data Prefill- Automated data entry for selected submissions in the policy system for risk rating, pricing and issuance
AI and ML modeling -Built-in models to continuously learn and improve from submissions handling and underwriter actions resulting in bind/no-bind decisions
Improves Submission Management
Increase in DWP (Direct Written Premium)
Lower Costs & Strong Profitability
High Customer Satisfaction
Faster onboarding: Pre-built templates reduce the TAT of the initial deployment phase leading to faster gains
Reliable and diligent: Our work doesn't come to halt with product deployment. You'll get 24 x 7 team support for post-implementation support and managed services for 8 weeks
Best of breed data recognition: Whether it's a hand-written form OR a printed one, this solution is capable of reading data from all sort of documents
Ease of use: the unbundled solution framework enables the customers to pick and choose the best combinations
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