What is an Automated Intake Application for Commercial Insurance?

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.

Going through this process of data entry and triage, data analysis, underwriting and quoting can take days, weeks and sometimes months. Slow response times are one thing, but for business the carrier doesn’t want to write (typically around 20%), it’s not uncommon for brokers to receive no response at all. The result is a status quo that falls far short of broker and customer expectations for a fast and responsive digital experience.

Helping Commercial Insurers Work Smarter

By augmenting their human knowledge workers with “digital employees”, insurers can accelerate the digital transformation of underwriting workflows, freeing up underwriters to spend time on more impactful, interesting, and morale-boosting account management work – rather than the tedious task of manually reading documents and rekeying data.

Using an AIA has many advantages for commercial insurance underwriting teams, who are often saddled with large amounts of complex data. The benefits include faster data entry, better data hygiene and, most importantly, the ability to free up skilled knowledge workers for more specialized tasks.

An effective submission intake process requires advanced intelligence. Commercial insurance documents and forms submitted by brokers vary widely in structure and format with little or no standardization.    

With AI solutions purpose-built for commercial insurance like Chisel AI, commercial insurance carriers can read unstructured and semi-structured insurance documents 400 times faster than a human – with greater accuracy. Data can be extracted in real time from a broad range of digital documents including policies, submissions, applications, binders, quotes, statements of value, loss run reports, etc. Using Named Entity Recognition, Chisel AI can automatically recognize, extract and interpret 500+ insurance-specific data points in one second, compared to a knowledge worker who can extract only 15 to 50 data points in 30 minutes.

The Need for Speed

56% of the time, the first responder to a submission wins the business. AIAs streamline and standardize the entire submission process, enabling insurers to quickly and accurately triage submissions by automatically reading the submissions the same way human knowledge workers do, and then applying business rules to either auto-decline or auto-route them to the right department.

“One of the key problems in the industry is ‘intake’ of data from business partners. When brokers send data to carriers or when carriers send data to reinsurers, they send data in variety of formats in the form of excel or pdf files. A large number of people are required to map this data and process it manually.”

– Amit Unde, "5 use cases for AI in insurance," Digital Insurance

By automating the submission intake process, insurers can acknowledge and quote thousands of submissions in one day. With the ability to identify the right submissions faster, commercial insurance carriers can reduce the time it takes to triage a submission from several weeks to seconds.

Purpose-built automated intake applications like Chisel AI’s Submission Triage solution enable commercial insurance carriers to complete high volume, mundane administrative tasks faster, resulting in 50% more quoting and underwriting capacity. Insurers who deploy Chisel AI can double their business and optimize the customer experience without increasing the size of their workforce.

Whether its intake processing for new business or renewal business, Chisel AI enables commercial insurance underwriters to free up a minimum of five hours a day from very process-oriented tasks to do true broker-customer accompaniment, advice giving, understanding, negotiating and listening.

For more information, download the Submission Triage Solution Sheet or submit a request for a one-on-one 30-minute demo.


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