How SelectsysTech's Integrated Solutions Improve Underwriting, Citation, and Data Management
This post is part of a series sponsored by Selectsys.
In the world of fast-paced insurance, efficiency and accuracy are paramount. For MGAs, wholesalers, and carriers, managing complex underwriting, quoting, and data extraction can be difficult, especially when dealing with outdated systems and manual processes. To address these challenges, SelectsysTech offers three leading solutions: Rate, Quote & Bind (RQB) Platform, AI OCR Bridge, and Underwriter Link. Together, these technologies create a powerful ecosystem that transforms insurance operations, streamlines workflow, improves productivity, and improves accuracy.
Estimating, Quoting & Assemble Processes with RQB
One of the biggest obstacles in the insurance industry is reliance on asset valuation platforms and Excel-based systems. These outdated tools often lead to limited data access, difficult maintenance, and inefficient deployments. SelectsysTech's RQB Platform provides a revolutionary solution to these challenges.
Hosted on AZURE with the ability to scale automatically, the RQB Platform is an API-driven solution that prioritizes complete data capture and transparency at all stages of the insurance process. It integrates seamlessly with Insurance Management Systems (IMS) and other key systems without requiring additional code, making it easy to manage rating versions and facilitating smooth transitions across multiple rating updates. This modernized platform not only simplifies operations for carriers and MGAs but also improves overall efficiency by ensuring that all relevant data is easily accessible and up-to-date.
Simplifying data extraction with AI OCR Bridge
Data extraction is an important aspect of the insurance process, especially when dealing with ACORD forms and other structured documents. Traditionally, this was a manual and error-prone task. SelectsysTech's AI OCR Bridge offers a game-changing solution for automating the data extraction process.
Powered by advanced artificial intelligence, AI OCR Bridge efficiently extracts data from standard ACORD forms and customized documents. This extracted data is then easily transferred to any API-enabled IMS, policy management systems, rating platforms, and digital citation platforms. By removing the need for manual data entry, AI OCR Bridge significantly reduces the time and effort required for these tasks, while minimizing errors and ensuring that data is accurately captured and integrated into the required systems.
AI OCR Bridge is designed specifically for Properties and lines of business, making it an invaluable tool for carriers and MGAs looking to streamline their data management processes. Its ability to handle various forms and complex policy information ensures that underwriters have access to the most accurate and up-to-date data, essential for making informed decisions.
Simplifying Underwriting with Underwriting Link
For underwriters, managing the quoting process and responsibility across carriers can be a daunting task. Navigating carrier websites, re-entering the same data, and manually managing documents can reduce productivity and increase the risk of errors. Underwriter Link by SelectsysTech is designed to address these challenges.
Underwriter Link provides a central platform where underwriters can quote and bind policies across carriers from a single interface. This platform supports a wide range of business lines, including General Liability, Workers' Compensation, Property, Cyber, and more. By streamlining the quoting and underwriting process, Underwriter Link reduces repetitive data entry, reduces errors, and improves operational efficiency.
Underwriter Link's intuitive interface makes it easy for underwriters to navigate and manage their work, allowing them to focus on delivering exceptional service to their clients. With accelerated efficiency and seamless integration, Underwriter Link ensures that underwriters can quickly access quotes, bind policies, and manage documents—all in one place.
Case Study: Transforming Underwriting and Quoting with SelectsysTech's Integrated Solutions
It's the background
MGA specializing in property and commercial insurance was facing significant challenges in managing their underwriting and quoting processes. Their reliance on legacy systems and manual data entry was causing delays, errors, and inefficiencies. With a growing customer base and increasing pressure to deliver faster turnaround times, MGA needed a solution that could simplify their operations and improve accuracy.
Challenges
- Ineffective Measurement, Quotation, and Integration Process: MGA was using outdated measurement platforms that were difficult to maintain and did not integrate well with their other systems, leading to blockages and delays.
- Manual Data Entry: The process of extracting data from ACORD forms and other documents was manual and error-prone, resulting in inconsistencies and rework.
- Underwriting Process Divided Below: Underwriters had to navigate carrier websites and manually enter the same data over and over again, which slowed down the process and increased the risk of errors.
The solution
MGA used SelectsysTech's RQB Platform, AI OCR Bridge, and Underwriter Link to address these challenges. The RQB Platform modernized its measurement, measurement, and binding processes, integrated seamlessly with its existing IMS and ensured smooth transitions across multiple measurement updates. The AI OCR bridge has automated the data extraction process, eliminating manual entry and reducing errors. Ultimately, Underwriter Link provided a central platform for underwriters to manage quotes and policies across multiple carriers efficiently.
Results
- Additional Functionality: MGA has seen a 40% reduction in the time required to process quotes and cover policies, thanks to the simplified processes enabled by the RQB Platform and Underwriter Link.
- Reduced Errors: The AI OCR bridge has significantly reduced data entry errors, improved the accuracy of their transcription decisions and reduced the need for rework.
- Improved Customer Satisfaction: With faster turnaround times and more accurate quotes, MGA has been able to provide better service to its customers, resulting in higher customer satisfaction and retention rates.
The Power of Integration
While each of these solutions—RQB Platform, AI OCR Bridge, and Underwriter Link—offers significant benefits on their own, the true power of SelectsysTech's offerings is in their integration. By integrating these technologies, insurance carriers and MGAs can create a streamlined, efficient, and more productive insurance operation.
The RQB Platform modernizes measurement, measurement, processes, ensuring that all data is captured and managed effectively. The AI OCR bridge improves data extraction, eliminates manual errors and ensures underwriters have access to accurate information. The Underwriter Link simplifies the quoting and obligation process, allowing underwriters to work more efficiently and focus on delivering value to their clients.
Together, these solutions are transforming the insurance landscape, providing a complete, end-to-end solution that meets the needs of modern insurance operations. For MGAs, wholesalers, and carriers looking to improve their efficiency, reduce complexity, and improve competitiveness, SelectsysTech's integrated solutions provide a complete answer.
The conclusion
By adopting SelectsysTech's integrated solutions, MGA was able to transform its operations, achieving greater efficiency, accuracy, and customer satisfaction. This case study highlights the tangible benefits of implementing underwriting, citation, and data management processes with advanced technology.
Visit our website at Khethasys.com for more information, services and solutions.
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