Artificial Intelligence - June 19 2019
Automated Intake Applications (AIAs) enable commercial insurance carriers to streamline the ingestion of submission or application documents for conversion into data in their submission and underwriting systems. These solutions use AI, natural language processing (NLP) and named entity recognition (NER) to read insurance documents, analyze unstructured data, and classify insurance-specific data elements such as name, city, state, country, limits, deductibles, premiums, types of coverage, exclusions, endorsements, loss run reports, statements of value, etc.
Artificial Intelligence (AI) presents a new opportunity for commercial insurance carriers to increase productivity, efficiency and workplace satisfaction. Today, the intake process is cumbersome, error-prone and highly manual. Submissions come in via email or a digital portal and are taken as they come. While PDFs have replaced paper submissions, this “first in – first out” process hasn’t changed much in over a hundred years. Skilled knowledge workers read through various submissions or application documents to pinpoint the appropriate data elements needed to access the risk. They must then manually rekey the data into multiple downstream core insurance systems.