From Taking an Email to Quoting in Minutes

This post is part of a series sponsored by Selectsys.

In the fast-paced insurance industry, MGAs and wholesalers are constantly challenged by handling large volumes of referrals from agents. Often, gatekeepers spend significant time manually sorting through e-mail submissions, extracting information from forms, performing approvals, and assigning tasks to underwriters. This manual process not only creates bottlenecks but also delays response times, which can be the difference between winning or losing a deal.

Download Our Free Brochure →

Install Selectsys Tech's AI-Powered Automation Solution.

Problem: Manual Shipment Processing

When agents send submissions to a dedicated email address, gatekeepers must read each email, identify the line of business (LOB), and process each submission. This includes approval in the agency's management system, assigning tasks to the workflow system, and linking documents to the document management system (DMS). This time-consuming and labor-intensive process often results in citation delays and bottlenecks in the underwriting process.

Solution: Automated Submission Processing with AI OCR Bridge and Underwriter Link

Selectsys Tech has developed a smart automation solution that uses energy AI and AI OCR technology eliminating the need for manual data entry and handling of submissions.

1. AI-Powered Email Listener: Automation starts by sending a listener to the sending email. It reads all incoming emails and uses AI to identify the sender and related details.
2. AI OCR Document Analysis: The AI ​​OCR bridge extracts information from email attachments, such as insurance forms and schedules, and separates LOB from sensitive information.
3. Automatic Removal: The system uses web services to perform authorization checks directly in the insurance management system.
4. Job Creation and Workflow Assignment: Once the shipment has passed approval, the system automatically creates a task in the workflow system and assigns it to the appropriate underwriter based on predefined rules.
5. Data Integration with Underwriting Link: Extracted data is entered into Underwriter Link, which integrates with a number of carrier systems through APIs. This allows seamless data entry into carrier platforms, making it easy for underwriters to access all the information they need without manual input.
6. Citation in Minutes: When underwriters open a job, all data is pre-loaded into the insurance management system, documents are linked to DMS, and risk data is available in Underwriter Link. With just a few clicks, underwriters can rate and review quotes, significantly reducing processing time.

Test Case: Improved Turnaround Time and MGA Efficiency

It's the background: One of our clients, a large property and casualty insurer MGA, faced significant operational issues due to manual submission processing. On average, the gatekeepers take 6 days clearing submissions, entering data, and assigning underwriters to tasks. This delayed response resulted in missed business opportunities and reduced efficiency.

The problem: The client's team of 14 gatekeepers struggled to keep up with the volume of shipments. This caused delays in getting the necessary information from underwriters, leading to slower response times and the risk of losing potential business.

The solution: After implementing Selectsys Tech's AI-Powered Automation solution with AI OCR Bridge and Underwriter Link, client performance was transformed.

Download Our Free Brochure →

The result:

• Changeover Time Reduced: Proposals taken 6 days processing is now complete in on the same dayand underwriters get all the necessary data automatically.
• Employee Development: The client's gatekeeping team has been reduced from 14 agents to just 2, as automation handles 90% of manual data processing.
• More Quote volume: With faster dispatch management and data entry, underwriters were able to process 3 times more quotes than before, resulting in a significant increase in bonded policies.
• Underwriter Efficiency: Underwriters can now focus on risk assessment and decision making, instead of spending time on data entry and clarification tasks.

Results and impact:

An automation solution has transformed shipping processing from a tedious, time-consuming task into a simple, efficient process that adds significant value to an organization's bottom line.

• Time for Advanced Change: Quotes are now processed within hours instead of days.
• More Quote volume: The ability to handle multiple shipments has resulted in a higher number of quotes sent to manufacturers.
• High Bond Rates: Fast turnaround times mean manufacturers are likely to bind policies.

Articles
InsurTech Data Driven Artificial Intelligence Tech Insurance Wholesale