Double Your Underwriting Capacity

Your Challenge

The traditional submission intake process is highly manual, messy, and labor-intensive. Underwriting staff sift through mountains of submissions that come in from brokers to manually extract and analyze the data points needed to determine if it’s the right risk to underwrite. Knowledge workers then spend hours re-keying data into clearance and registration systems. The process takes hours or days, eroding underwriting productivity and delaying response times.

By using Artificial Intelligence, carriers can automate and standardize the submission intake and submission triage process to improve submission throughput, accelerate time to revenue, reduce premium leakage, and build a more profitable book of business.

The Solution

Automate submission clearance and registration, and auto-decline and auto-route submissions to boost quoting capacity by 50%.

Purpose-built for commercial insurance, Chisel AI's Submission Triage solution can automatically read submissions as they come in, the same way humans do, to extract key data to auto-register and index the file in your clearance and registration system, auto-populate data elements in your rating engine, and then apply business rules to either auto-decline or auto-route the submissions to the right underwriter. This automated process enables commercial insurance carriers to acknowledge and quote thousands of submissions per day. You can process a submission – and issue a response – in minutes.

Streamlining the submission intake process and applying intelligence to automatically triage submissions allows insurers to speed up response times, prevent underwriting leakage, and free up their underwriting teams to focus on high-value strategic initiatives.

By eliminating the inefficient manual intake process that heavily relies on a “first in – first out” sequential response, carriers can quickly and efficiently identify the best submissions to write in minutes. Digitizing and standardizing the intake and triage of submissions enables carriers to increase initial response rates from 40% to near 100% while boosting their quoting capacity by 50%.

Increase Underwriting Capacity with Natural Language Processing and Machine Learning

Natural Language Processing (NLP) is a machine’s ability to read language like a human, pulling relevant pieces of language, assigning meaning to the words, and intelligently analyzing structured and unstructured text. Chisel AI can extract and interpret 500+ insurance-specific data points such as broker name, account name, limits, premiums, deductibles, types of coverage, state, effective dates, etc. in one second, compared to a knowledge worker who can extract 15 to 50 data points in 30 minutes or more.

Smarter Underwriting Through Automation

Submission Triage uses NLP and ML to extract, classify, and analyze unstructured insurance data hundreds of times faster than a human and intelligently automate high-volume, repetitive administrative tasks. With greater access to hundreds of data points, underwriters can make better risk assessments and decisions, write more business that meets the risk appetite faster, accelerate response times, and deliver a better customer experience.

More Business. Automatically.

Empower your skilled knowledge workers to focus on high-value initiatives such as account management to deepen broker and customer relationships, provide coverage recommendations, and sell more – ultimately increasing gross written premiums. According to industry averages, 50% of the time the first responder to a submission wins the business. Submission Triage enables you to respond faster and write more business than the competition.

Prevent Underwriting Leakage

Missed opportunities negatively impact a commercial insurance carrier's book of business, brand reputation, and relationships with distribution partners and customers. Submission Triage enables carriers to intelligently automate the process of extracting data from submissions at the time of the submission, auto-populate clearance and registration systems, and auto-decline or auto-route the submission to the appropriate underwriter within minutes. The ability to make better data-driven risk decisions and avoid potential misclassification enables carriers to aggressively price risk, gain competitive advantage, and capitalize on opportunities for growth.

Key Features

Real-Time Data Extraction

Chisel AI delivers the only solution that can extract, read, interpret and understand unstructured data in commercial insurance quotes, policies, submissions, applications, binders, and endorsements.

API Driven

The solution monitors submissions coming in through email, extracts the necessary data from native digital documents, and populates the carrier’s clearance and registration system, CRM, or rating engine – all untouched by human hands. Underwriters then price and write the business instantaneously.

Auto-Decline

Carriers can meet service-level commitments by auto-responding to brokers when there is no interest in writing the business. Carriers set the decline rules so that, when these rules are met, Chisel AI automatically triggers an email notification to the broker. With the ability to auto-decline, carriers can maintain positive distributor relationships – and avoid forever lost business due to lack of response.

Auto-Routing

Being able to auto-route and auto-assign submissions for business you want to write to the appropriate department and underwriters based on account, risk type, line of business, geography, and more accelerates the underwriting process.