Insurance Underwriting
Check how Insurance Underwriting can be automated easily using IntelliBuddies AI-Driven Unified RDA Platform!
Background
The insurance underwriting process is a critical aspect of the insurance industry, involving assessing risks and determining policy terms and premiums.
As an Insurance Underwriter, you have figured that lot of your time is being spent compiling information that is received from your clients – either online or offline, submitting it to insurance systems for obtaining ratings and then evaluating the risks to underwriting policies. Turnaround time is the victim of such manual, high-volume and low-value activities, often inhibiting your ability to acquire and serve a larger pool of clients, giving a way for competitors to transgress.
The challenge now is, how do you make the entire process smooth, efficient and faster? The answer would be digital automation of the insurance underwriting process, reducing manual effort, improving decision-making, and enhancing overall operational effectiveness.
Solution
IntelliBuddies is an AI-Driven Unified Rapid Digital Automation Platform that provides complete Digital Transformation. It comes with inbuilt BPM and RPA engines, provides custom AI methods as well as works with cognitive services providers such as Azure/AWS/Google, Dynamics reports, and connectivity with standard databases and ERP systems.
IntelliBuddies inbuilt BPM workflow engine is used to define and streamline the end-to-end underwriting process, including task assignments, approvals, and exception handling. It also provides a centralized dashboard for underwriters that allows them to track the progress of applications, monitor workload, and prioritize tasks. Automated workflows and notifications in a Business Process Management (BPM) system play a crucial role in streamlining task execution, minimizing bottlenecks, and facilitating effective collaboration among different stakeholders such as underwriters, agents, and others.
The RPA buddy automates the repetitive and rule-based tasks in the underwriting process, such as data entry, form filling, and basic calculations. Buddy also works with various internal and external systems to gather relevant customer data such as policy history, claims records, credit scores, and third-party data sources.
It also verifies the accuracy and completeness of data by cross-referencing information from multiple sources, ensuring reliable data for decision-making.
IntelliBuddies AI/ML activities are used to analyze historical underwriting data, identify patterns, and develop predictive risk assessment and pricing models.
Natural Language Processing (NLP) algorithms are utilized to extract and analyze unstructured data from policy documents, medical reports, and other relevant sources.
The AI module provides underwriters with real-time recommendations and alerts based on risk scoring, fraud detection, and compliance guidelines, facilitating accurate and consistent decision-making.
Process Flow
- The Insurance agent gets the insurance request form filled with all the required details.
- The insurance agent mails the form to the underwriter for risk evaluation.
- IntelliBuddies smart “Risk Evaluation Buddy” keeps an eye on underwriter's email box for any new applications.
- As soon as the new application is received,
- Buddy downloads the form,
- Extracts the details from the form,
- Connects to internal & external data sources for missing & additional data,
- And utilizes built-in AI/ML for risk calculations.
- Buddy updates the local system and databases with client details and risk assessment.
- Buddy also emails the risk evaluation report to the Underwriter and creates a BPM task for review and approval.
- Once the Underwriter approves the details, BPM workflow invokes a “Policy generator buddy”, that generates the draft policy and sends it to the Insurance agent for further action.
Automated Insurance Underwriting Process
Benefits
- Streamlined Process: IntelliBuddies BPM implementation streamlines the underwriting workflow, providing transparency, accountability, and improved task management.
- Enhanced Efficiency: Automation of manual tasks through IntelliBuddies RPA reduces processing time and minimizes errors, enabling underwriters to focus on higher-value activities.
- Improved Data Accuracy: Buddies ensure data integrity by validating information from multiple sources, reducing the risk of errors and inconsistencies.
- Advanced Risk Assessment: AI algorithms enable underwriters to make data-driven decisions by leveraging predictive models and extracting insights from unstructured data.
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