The insurance industry has evolved significantly since the pandemic with changes in products, markets, business processes, and employee expectations.
With all of this disruption, how can underwriting teams adapt to an environment that’s constantly changing? Based on conversations with our 20+ insurance customers, it starts with solving the following challenges with new submissions:
- Accounting for new product changes and data capture demands
- Rising submission volumes and manual workflows
- Staff attrition and knowledge loss
- Unreviewed submissions and lost business
Adapting to Market Changes Using AI solutions for Insurance
Your underwriting staff has undergone significant training and is highly knowledgeable, which can help them to adapt to changing market conditions.
Unfortunately, the same can’t be said for your systems and processes. Accenture estimates underwriters already spend 40% of their time on administrative tasks such as extracting data from unstructured documents.
However, advances in AI and ML solutions like intelligent document processing (IDP) are enabling underwriting teams to respond to new product launches and expansion into new markets about 2 - 4 quarters faster than before.
SortSpoke, for example, uses a combination of AI/ML models + humans in the loop to extract data from highly varied and complex unstructured documents (e.g., financial statements, appraisals, medical records, etc.) with 100% data accuracy.
With each document processed, SortSpoke becomes more intelligent, using the feedback of your experienced underwriters to read and interpret complex documents.
After only a few learning pieces SortSpoke begins to perform 80% - 90% of the heavy lifting. This will allow you to retrain and onboard underwriters faster because you’re not teaching them how to read financial statements and other complex documents from scratch.
And the end result? Not only will your underwriting team adapt to change much faster, but you’ll also be able to recruit and retain underwriting talent because they can focus on what they do best - assess and price risk.
Additional Benefits of SortSpoke
- Increase document processing speed by 4x - 10x
- Attract and retain underwriters by eliminating manual processes
- Respond to market conditions 2 - 4 quarters faster than before
- Win more new business by triaging submissions faster
Customer Success Stories: Adapting to Changing Market Conditions
“We tested 12 different solutions, only SortSpoke delivered and showed results remarkably fast.” - Global Reinsurer
“With hundreds of variations, traditional OCR would have taken us years.” - National Claims Administrator
“Our Staff spends less time keying data and more time on higher value activities.” - Global P&C Carrier
**SortSpoke’s models can be trained to meet your specific needs within hours. No templates, no coding, or technical skills are required.**