Automated Loss Run Insights for Commercial Insurance carriers and Brokers

CogniSure partnered with one of the top insurance companies in automating the loss run insights for their Commercial Lines unit. The client employs moWhile a Loss Run report presents valuable information about loss ratio and frequency of losses but creating loss analysis of prior carrier loss data was a manual process and time-consuming. The client was finding it difficult to effectively utilize this information due to inconsistencies in document types & complex data capture process. Their underwriters were taking hours to manually prepare accurate loss run reports to generate loss run ratio, and this resulted in high turnaround time & Data quality challenges.re than 1000 associates with 9 offices offering Business insurance.

CogniSure met with its key staff to discuss the challenges and address them. We found out that their underwriters were spending anywhere from 12-24 hours to capture data manually from a loss run for a new submission. CogniSure’s Loss run insights AI solution leveraged Machine Learning, NaturalLanguage Processing combined with a traditional and template-based extraction to automate data extraction, validation, and transform loss data from varying templates of Loss Runs. So, the client no longer needs to go through hundreds of claims on a PDF document to develop a loss summary. The historical loss profiles were generated in seconds allowing underwriters to focus on submission evaluation and thereby reducing the time to process each Loss run by 95%.