New Submission Intake
Automate ingestion of documentation for new submissions received from brokers, converting raw data such as emails, ACORD forms, statements of value, and loss run reports into usable data, and make key decisions without additional back-office work.
How this solution works
Why it is important
Commercial insurance is a highly competitive business segment with razor-thin margins.
Most commercial insurers are trapped in an unproductive and unmaintainable legacy operating model, relying on layers of operational teams or BPO performing manual work in order to transform documents and data into decisions that can be captured by systems.
This high-intensity manual work has disastrous compounding effects, both for their loss ratio and their operating performances:
- Underwriters and assistants spend up to 45% of their time on administrative work, consolidating and enriching data, when their core focus should be on evaluating risk
- More than 30% of commercial opportunities are lost to faster competitors
- Manual work pushes underwriters to a passive approach vis-à-vis both premium growth externally, and continuous process improvement internally
What needs to be improved
Currently, New Submission Intake processes are subject to several critical challenges:
- Intense manual work: Historically, commercial insurers had to create Underwriting Assistant teams or mobilize BPOs to manually process new submissions received from brokers, which includes parsing through tons of unstructured documents to find the right data required by underwriters
- Slow turnaround times: The intensity of manual work prevents commercial insurers from sending quotes back to brokers quickly
- High costs: Adding layers of manual work creates corresponding layers of costs, piling up operational expenses for commercial insurers and degrading their combined ratio
How WorkFusion can help
From Day 1, WorkFusion® pre-built Intelligent Automation solution for New Submission Intake will process 40%+ of submissions received from brokers fully automatically (with no human touch). On top of this, manual admin work for any other submission will be reduced by 70%+.
WorkFusion achieves such impact by:
- Automatically lifting inbound underwriting documentation from emails (ACORD forms, SOVs, loss run reports, etc.)
- Classifying documents into types
- Extracting key datapoints from documents
- Cross-referencing external data enrichment sources for additional underwriting-related data
- Validating application for completeness via custom business rules
- Packaging final structured data in a consolidated way, as per an underwriter’s expectations
Document types
- Emails
- ACORD form
- Statements of values
- Loss run reports
- Vehicle information
- Location details
Supported integrations
- Bold Penguin
- Duck Creek
- Pega
- Guidewire
- Oracle
- Outlook
- Excel