Real-time Data Extraction for Commercial Insurance Brokers and Carriers

Your Challenge

If you’re a commercial insurance carrier or broker, you are inundated with data. You are collecting and have access to more data than ever before. Data, after all, is growing at a rate of 2.5 million terabytes a day. Around 80% of that data is unstructured even though it’s digital.

Since insurance, by its very nature, relies heavily on data, you need quick access to critical data to make decisions. The trouble is, it’s locked away in documents stored in your enterprise data stores.

Making sense of policy-level data from digital native documents is critical to mitigating risk. You manage risk best when accurate data is available to you when it matters most.

  • Extract Data Rapidly & Map to ACORD Standards or Legacy Systems
  • Digitize & Standardize Processes
  • Achieve Significant ROI
  • Unlock Business Insights from Trapped Data
  • Reduce Operational Expenses
  • Improve Profitability
  • Mitigate Risk
  • Improve Customer Service & Employee Experiences

The Solution

Reads like a human. 400 times faster.

Chisel’s Natural Language Processing (NLP) and AI solution, which is purpose-built for insurance, helps commercial insurance brokers and carriers extract, interpret, classify and analyze unstructured data in policies, quotes, submissions, applications, binders, and endorsements 400 times faster than a human can—with significantly greater accuracy.

Freeing trapped knowledge enables brokers and carriers to automate high-volume, routine underwriting and brokering tasks.

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How Our Real-time Data Extraction Tool Works

Natural Language Processing is a machine’s ability to read written language like humans do – only faster and with greater accuracy – pulling out relevant pieces of information, assigning meaning to those words, and intelligently analyzing structured and unstructured text.

Using both supervised and unsupervised machine learning, we use the experience and expertise of users at insurance carriers and brokerages to reinforce and correct decisions that the Chisel AI platform makes. Artificial intelligence is a method of evaluating data, making predictions, and learning from the results, so it continues to get better over time.

Purpose-Built for Commercial Insurance

The Chisel AI solution, with its unique ability to recognize 500+ insurance-specific named entities such as limits, deductibles, premiums, exclusions, etc., was developed using proprietary models, parsers and file readers that deliver a unique platform dedicated to the unique needs of commercial insurance brokers and carriers.

Policy-Level Data, Extracted Automatically

The Chisel AI platform instantly extracts the most salient policy-level information and presents it to your staff in a usable format that can be imported into other systems for a variety of business applications, eliminating the need for manual re-keying of data.

Fast Learner

Using a subset of your documents, Chisel trains the NLP model to the unique needs of your organization. Successive passes identify new terms, feeding back into the model with each iteration to increase accuracy.

Recognize More Than 500+ Named Entities with Your Eyes Closed

Chisel AI is the only purpose-built solution for insurance with the ability to recognize more than 500+ insurance-specific named entities, such as limits, premiums, deductibles, types of coverage, exclusions, endorsements, territories of coverage, outstanding conditions, statements of value, loss run reports, etc. Named entities are categorized instantly during data extraction.

Analyze Your Data in Any File Format

Extracted policy document data can be packaged in any file format to be imported into your back-office data warehouse or analytics solution of choice, or to be written to agency management systems or broker management systems. File formats include:

  • XML
  • JSON
  • ACORD
  • CSIO
  • Word
  • Excel
  • CSV

Use Cases

Structuring unstructured data enables insurance companies to automate underwriting and brokering activities with intelligent workflows. Chisel AI empowers brokers and carriers to augment their human staff with digital workers to automate high-volume, repetitive, error-prone tasks. Freeing up skilled knowledge workers to focus on high-value customer facing account management initiatives.

With real-time access to unstructured data residing in submissions, quotes, policies, applications, binders and endorsements, insurers can reduce processing time from days or weeks to seconds.

Chisel has designed intelligent workflows for brokers and carriers that automate policy checking, quote comparison, submission triage and submission prioritization.

Brokers

Policy Check

Policy Check

Automatically compare a policy to a submission, quote, binder or expiring policy in seconds. Identify and resolve errors and omissions during the quote-to-bind process, mitigating E&O risk, improving contract certainty, accelerating response time and improving your policyholder’ experience.

Quote Comparison

Quote Comparison

Automate and accelerate the process of comparing multiple quotes, identifying the best coverages, terms and conditions and pricing in seconds. 

Carriers

Policy Check

Policy Check

Mitigate the risk of errors. Deliver on your promise of contract certainty and validity.

Submission Triage

Submission Triage

Enable Straight-Through Processing by automatically declining and routing submissions during the intake process. Expand your underwriting capacity and shorten time to quote from weeks to days.

Submission Prioritization

Submission Prioritization

Rapidly prioritize the highest-value submissions by instantly reading them and simultaneously applying business rules to identify the best customers before anyone else can, in milliseconds. With Chisel, you increase gross written premiums and deliver a better customer experience.

Schedule a Demo

Get a personalized tour of how our advanced Natural Language Processing AI solution can help you digitally transform high-volume, routine tasks, enabling your skilled knowledge workers to focus on strategic high-value account management initiatives.

Write more business and deliver a better customer experience.

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