Eviden Frictionless Underwriting Risk 4WK Assessment using Gen AI

Frictionless Underwriting - Commercial Insurance Risk Assessment powered by GenAI

Insurance Underwriting is a very complex, manual and time-consuming process. Underwriters typically have to skim through large contract documents and Insurance proposals manually. Risk assessment is done manually, making the process tedious and slower. Hence, their ability to process or reject the application slows down, resulting in a lower quote-to-bind ratio.

Innovations in Generative AI are transforming organization’s ability to make quicker and accurate decisions. Risk assessment process in the Insurance industry is getting transformed with the advent of Generative AI.

Our solution leverages our AI accelerator, the Intelligent Document Processing (IDP) framework (on Azure) to extract relevant contents and risks from documents. Generative AI then helps categorize and summarize the various risk types, generate risk scores across all the risk types and finally allow easy querying options to the underwriter.

4-Week Assessment Summary:

We will conduct 4-week assessment which will involve extensive interaction and consultations with the client’s underwriting leadership and SME team to understand nuances and challenges of the existing process / workflow and business priorities for their underwriting business function.

As part of the assessment process, we will gauge client’s readiness in terms of data/documents, environment, tools and technologies and level of support available from Business SMEs.

Research indicates that Underwriters spend more than half their time in non-value adding activities, rather than evaluating proposals and collaborating with brokers & agents to secure business growth.

Eviden Solution:

This Risk Assessment Solution will help underwriters to capture and score risks accurately and use the information to make decisions. This solution will help transform the risk assessment process and thereby improve quote-to-bind ratio.

Our solution leverages our AI accelerator, the Intelligent Document Processing (IDP) framework (on Azure) to extract relevant contents and risks from documents. Generative AI then helps categorize and summarize the various risk types, generate risk scores across all the risk types and finally allow easy querying options to the underwriter.

• Content Extraction: Unstructured data from the broker slip document is extracted using Natural Language Processing (NLP).
• Document Summarization: The solution leverages the Generative AI capability to provide a summarization feature, that captures a high-level summary of the contents present in the contract document.
• Risk Categorization: The IDP and Generative AI engine extracts and categorizes all risks associated with the respective contract document and provides a summary at individual risk level.
• Risk Scoring: Machine Learning algorithms provide a risk score against each risk type. The score is based on probability and severity of risk occurrences, scored on a .
• Risk Assessment Copilot: Standard and free text querying options allow underwriters to generate responses to their queries related to the contents in the document.

4-Week Assessment phase will involve the following:

• We will conduct a due-diligence of the broker-slip/contract submission intake process of the Insurer.
• We will analyse factors such as (not limited to): the end-to-end process and steps, interfaces to external systems, PII/non PII information, technology architecture/landscape assessment, underwriter’s risk assessment guidelines, team structure, insurance products offered.
• Create an assessment report on our findings (process & data maturity, technical dependencies etc.) and proceed towards creating a roadmap for MVP/PoC development.

Azure Set-up:

• We can help the customer with the right solution architecture for Gen AI and document processing solution using Azure.
• We offer Professional service to architect the solution using best practices of Microsoft Azure and also support in managing services on Microsoft Azure
• A dedicated Azure subscription will be required in customer’s production environment to enable development and testing