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.
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%.
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.
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