Insurance Innovators Unscripted Podcast: Transforming Commercial Insurance Policies Through AI

Artificial Intelligence - July 23 2019

Chisel’s CEO and founder Ron Glozman sat down with Abel Travis, host of Insurance Innovators Unscripted Podcast, to share how Chisel AI is helping insurance brokers and carriers revamp workflows like policy checking and application intake to meet their fiduciary duties and deliver a better customer experience.

One business scenario they discuss is how typically 20% of all the submissions received by most carriers are not within the carriers’ risk appetite. With Chisel AI’s Submission Triage solution, carriers can quickly and easily identify the 20% of applications that do not fit their risk appetite and automatically filter them out. This enables carriers to focus their time and effort on the business they want to write, giving them a lift of 20% on their premiums. Imagine getting a 30 – 50 percent net premium lift simply by automating application intake including the ability to intelligently auto-decline and auto-route submissions.

In a complicated industry like insurance with limited standardization, the ability to instantly read complex documents and extract the data within these documents to auto-populate other core insurance systems is a significant business benefit. Artificial Intelligence (AI) gives insurance companies the opportunity to rethink the way they are doing underwriting to increase capacity, reduce E&O, eliminate friction in distribution channels, and optimize operational efficiencies without increasing headcount.

“One of our unique capabilities that we are able to do is to take a form, a submission or application, that is written on custom paper and massage it to be ACORD compliant,” explained Ron Glozman, CEO, Chisel AI.

To listen to the entire Insurance Innovators Unscripted podcast, click the link below.

 

 

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