Risk Insights into Submissions

The Problem

• Commercial Insurance carriers receive applications (ACORD forms) and Loss Runs, Schedules in emails. Significant amount of effort is spent to enter the data into their quote systems.
• Underwriters also spend significant amount of effort to validate the data presented in submissions with 3rd party data sources.
• Wasted effort due to lack of prioritization based on the Underwriting appetite.

Solution

• AI/ML Platform that is trained to understand ACORD forms and Loss Runs to extract all the information presented in the submissions in a structured format.
• Validate submission data with 3rd party data sources and based on the rules of Underwriting appetite, prioritize the submissions according to their risk profiles.