Artificial Intelligence - September 22 2021
The lack of data standardization across commercial insurance documents is an issue that costs the industry an enormous amount of time, effort, and money, and adds friction to underwriting and placement processes. Forrester states that approximately 85% of enterprise data is not structured. This means that valuable data is locked away in emails, tables, document attachments, policies, quotes, binders, etc. The difficulty of harnessing unstructured data in submission documents is a major challenge as the industry looks to make smarter use of data in commercial lines underwriting. Today, the submission intake process lacks automation and efficiency as human knowledge workers are bogged down manually harvesting data from piles of paperwork, broker emails, spreadsheets, and PDF files with no standard structure or format. Today, carriers often take a “first in, first out” approach to processing submissions in their overflowing submission queue, rather than focusing on the best submissions to quote.