Digital Transformation Consulting

The client faced significant challenges related to the increasing volume and complexity of underwriting submissions, which strained their existing processes and contributed to a talent gap exacerbated by an aging workforce and fierce competition for tech-savvy underwriters. To address these issues, a tailored solution was implemented utilizing AI and generative AI technologies to automate data ingestion and streamline workflows. Specifically, an intelligent ingestion system was deployed to extract key data from emailed submission documents, which was then used to populate a user-friendly dashboard for underwriters, significantly reducing manual data entry and administrative tasks.

The results of this solution were substantial and measurable: the implementation led to a 2x improvement in submission-to-quote rates, directly increasing the carrier's capacity to process more underwriting submissions efficiently. Additionally, by automating routine tasks and enhancing decision-making processes, underwriters' workloads were notably reduced, freeing up their time to focus on higher-value risk assessment activities. This transformation enabled the client to identify and follow up on more submissions that aligned with their risk appetite, ultimately driving increased revenue. The tailored AI approach not only improved operational efficiency but also positioned the client to capitalize on the rising industry trend toward AI adoption, anticipated to grow from 14% to 70% in the next three years, with significant gains in underwriting speed and accuracy.