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Oct 31, 2023 SortSpoke

Data Extraction in Commercial Underwriting - How Much Can AI Help?

Data is the lifeblood of Commercial P&C insurance, and for underwriters, it plays a vital role in determining what actions they need to take next. 

Currently, there is a treasure trove of actionable underwriting data locked in unstructured documents, such as:

  • Supplemental Applications
  • ACORD Forms
  • Statements of Value
  • Financial Statements
  • Loss Runs
  • And much more 

For underwriters to quote & bind new submissions and renewals, they must manually extract and rekey data from these documents.  In a survey conducted by Accenture, P&C underwriters spend 40% of their time on administrative activities such as data extraction.  

However, there are some savvy Commercial P&C insurers who have freed up their underwriters from these manual and repetitive tasks using AI and automating insurance submission triage. 

According to the Boston Consulting Group, the insurance companies that lead in the digital era won’t replace humans.  Instead, insurance leaders will intertwine technology, people, and processes.  

This is why 25+ carriers, MGAs, and service providers use SortSpoke to augment their underwriters by combining AI + humans in the loop to extract data from unstructured documents (with 100% accuracy) in a scalable and consistent way.

Our Commercial P&C Underwriting Guide showcases how insurers solved 3 of the biggest challenges in underwriting:  

  • Triaging Submissions to Find Profitable Business Opportunities
  • Increasing Underwriting Capacity
  • Training and Retaining Staff by Leveraging AI

Along with these real-world case studies, we’ve also included 3 sets of self-assessment questions to help you evaluate your current workflows and identify opportunities for improvement.

These questions were developed by Jasper Li, CEO & Founder, SortSpoke.  Prior to founding SortSpoke, Jasper spent 10 years as a consultant at PwC, helping over 50 North American enterprises streamline their workflows.  

Get a copy of our Commercial P&C Underwriting Guide to AI, which includes real-world case studies and self-assessment questions. You can also download the self-assessment to determine whether implementing AI technology can help solve any underwriting challenges and generate ROI for your organization.

> Get the Guide

> Download the Self-Assessment Tool