Insurers are rapidly adopting digital technologies post the Covid era. However, several insurance processes continue to be heavily manual and cause delays across the value chain. Rising consumer expectations for a better digital experience puts P&C insurers under tremendous pressure. The industry is witnessing an increasing need for innovative solutions and plans to scale various AI and Hyperautomation initiatives.
Submission Intake Process in P&C Insurance without IDP
Assessing risks to set competitive prices in a low-margin marketplace is as tricky as it can get for underwriters, especially for insurers operating in P&C. Only a handful of highly talented and skilled experts are qualified to complete this work. Studies by leading analysts reveal that underwriters spend more than one-third of their time on data collection, sanitization, accessing and responding to new applications, prequalifying questions, questions seeking additional information, and so on.
Submission intake is a manual process that takes underwriters days or weeks to complete. Traditionally, brokers email the relevant forms and documents on behalf of the customer to multiple insurers for a new opportunity. On receiving the email, the underwriting staff performs pre-qualification of the opportunity. ACORD applications, supplementals, and other supporting documents are frequently shared for a formal underwriter review. An initial risk assessment is performed, and the underwriter confirms coverage quotes matching submitted applications before the quote proposals are emailed to the broker. If the customer approves it, the insurance policy documents are issued. Globally insurers are facing operational challenges because of the dependency on manual efforts to process documents. Learn more about how the insurance landscape is rapidly changing with the adoption of AI and automation. This insights document talks about how companies can navigate the change and become industry leaders. Learn more about Zero touch Insurance Document processing with AI-powered Automation.
Challenges in Traditional Insurance Submission Intake Process
The insurance document processing workflow has multiple manual touchpoints. The underwriting process for insurance involves many tasks that are repetitive and can be easily automated. For example, the new submission intake processes are highly manual. Underwriting staff spends a lot of time consolidating data before performing risk analysis. Insurance processes are dependent on physical papers and forms of varying degrees. Insurers can no longer continue to pass the paper around the office or turn to a neighboring coworker for missing information. Streamlining activities like straight-through processing and continuous underwriting require quick, uninterrupted real-time data access to assess complex risks and take actions – this will help the insurance company to build a cohesive and resilient underwriting process. Learn more about transforming insurance submission process for underwriters.
Automated Insurance forms data extraction through IDP
The automation of the submission intake process is complex and requires human-intensive efforts. However, you can always rely on an insurance document processing software powered by AI to automate the data extraction, validation, and publishing in one go. When underwriting effort is spent on manual data entry activities, insurers miss out on opportunities that move quickly and offer excellent options to their customers. Kanverse’s Insurance Document Processing helps underwriting staff speed up manual processes like reviewing applications, contracts, process submissions, and focusing on complex decision making and relationship building which ultimately leads to gains of new written premiums and decreased claim activity. Build touchless ACORD and supplement forms processing workflow powered by Kanverse.
- Kanverse uses ML And multiple AI technologies to eliminate the manual efforts associated with gathering and validating data in complex documents.
- Enables end-to-end automation across the insurance value chain while integrating seamlessly with other applications without creating any disruption.
- Best in class extraction accuracy of 99.5% and is easily scalable according to the requirement due to its multi-tenet architecture.
- Eliminate repetitive and iterative tasks and increase efficiency by improving efforts and reducing cost and time.
Kanverse brings you the best-in-class IDP software to automate submission intake process for Insurers right from ingestion, classification, extraction, validation to filing. Extract data from a wide gamut of documents with up to 99.5% accuracy using its multi-stage AI engine. Say goodbye to manual entry, reduce cycle time to seconds, optimize cost by up to 80%, minimize human error, and turbocharge productivity of your team.
Schedule a demo today to find out more.
About the Author
Kingshuk Ghosh, Product Manager, Kanverse.ai