As competition heats up from existing competitors and new entrants, and the internet gives customers more shopping power, being able to improve response times is more important than ever before.
If you’re a typical insurance carrier, your procedure for processing submissions is time-consuming, cumbersome and inefficient. Going through the processes of data entry and triage, data analysis, underwriting and quoting can take days, weeks and sometimes months. If you had a better way to triage the submissions your receive, you would write more business and respond faster than the competition.
With the Chisel Submission Triage intelligent workflow, commercial insurance carriers can automatically read submissions the same way humans do by sections, tables and paragraphs—to extract key policy-level data and to apply rules to submissions to either decline or auto-route them to the right department. This automated process enables carriers to acknowledge and quote thousands of submissions in one day. You can process submissions—and issue responses—in seconds. Yes, seconds. That’s not a typo.
Chisel’s AI and Natural Language Processing (NLP) solutions are purpose-built for insurance enabling carriers to shape their book of business, refine risk reservation, increase underwriting capacity, and improve the distributor and customer experience.
By eliminating the inefficient process that heavily relies on a “first in – first out” response and quickly identifying the right submissions, carriers reduce the time it takes for submission triage from several weeks to seconds. They auto-decline and auto-route submissions, and significantly expand their underwriting capacity and improve operational efficiency. Digitizing and standardizing submission triage enables carriers to increase initial response rates from 40% to near 100% while boosting their quoting capacity by 50%.
Get a personalized tour of how our advanced Natural Language Processing and Machine Learning AI solution can help you digitally transform high-volume, routine tasks, enabling your skilled knowledge workers to focus on strategic high-value risk management and account management initiatives.
Write more business and deliver