Boost Your Quote-to-Bind Ratio by Finding Profitable New Business Opportunities in Your Submissions with AI
For Commercial P&C carriers, finding profitable new business opportunities in submissions is almost like looking for a needle in a haystack.
Tighter underwriting guidelines, higher submission volumes, fewer underwriters, and manual & repetitive tasks (e.g., data extraction) are only making things even tougher.
If your submission intake workflow requires opening, reviewing, and extracting data from supplemental applications, financial statements, loss runs, etc., there’s a good chance you’re losing business to your competitors because they’re responding to broker submissions faster.
This is where augmenting your underwriting staff with AI can help. As submissions come in, AI can automatically analyze and classify incoming emails and attachments. From there, AI can score each submission based on your underwriting guidelines.
By combining the power of AI and the expertise of your underwriters, you can win more profitable new business opportunities and boost your quote-to-bind ratio by automating your submission workflow via:
- Routing on-appetite submissions immediately to underwriting
- Declining business that doesn’t meet underwriting guidelines
- Identifying incomplete submissions for broker follow-up
More importantly, implementing AI into your submission workflow will allow you to triage your submissions in a scalable and consistent way across your organization. Furthermore, it will also eliminate manual and redundant processes, such as data extraction and rekeying data.
For example, before SortSpoke, one of our North American Commercial P&C insurance customers spent 5 - 7 minutes pulling and rekeying data on all of their new business submissions. After implementing SortSpoke, they reduced the submission intake workflow to less than 1 minute for a 5x productivity boost.
See How AI is Solving 3 Challenges in Commercial P&C Underwriting
The example above is just one of the case studies featured in our Commercial P&C Insurers Guide to AI. In this guide, you’ll see examples of how AI is solving the following challenges in P&C underwriting:
- Triaging Submissions to Find Profitable Business Opportunities
- Increasing Underwriting Capacity
- Training and Retaining Staff by Leveraging AI
In addition to our case studies, we’ve also provided 3 sets of self-assessment questions to help you evaluate your current workflows and identify opportunities for improvement.
A few months ago we used these same questions when we met with a P&C insurer and their two underwriting teams. After asking them some of the self-assessment questions from this guide, they quickly discovered each team processed new submissions differently!
To see how SortSpoke’s AI can help you win more new business, increase underwriting capacity, and boost employee retention, download our Commercial P&C Insurers Guide to AI today!