Product overview

XtractEdge Commercial Insurance transforms New Business intake processes by enabling Commercial Insurers to improve Underwriter productivity and response time by offering a complete view of the right information across the New Business and Underwriting lifecycle.

Commercial Insurers can leverage our product to bring consistency in the submission process and transition from fragmented to responsive Underwriting by prioritizing submissions and reducing iterations for missing information.

The product will also help them automatically extract relevant information, identify missing information, and get a comprehensive view of the submission to aid quick decision-making.

Challenges faced by the industry

Loss-Business-Icons1

Loss of Business

Lack of prioritization in submissions leads to a longer queue, with ...

Reduced-Underwriter-Productivity-Icons2

Reduced Underwriter Productivity

Manual rekeying of information into core systems by Underwriters reduces productivity ...

Inefficient-Submission-Process-Icons3

Inefficient Submission Process

Low conversion ratio (between 4% – 10%) due to fewer submissions getting processed ...

Fragmented-Carrier-Broker-Communication-Icons4

Fragmented Carrier and Broker Communication

Lack of a responsive digital experience results in Underwriters taking between 1-4 weeks to quote ...

Inefficient-Quoting-Icons5

Inefficient Quoting

To reduce costs, Underwriters often take a partial view of submissions leading to inefficient quoting ...

Benefits of XtractEdge Commercial Insurance

50% increase in Underwriting capacity

80% reduction in application processing time

2X more conversion for New Business

Improve bind ratio through selective Underwriting

Automate submission prioritization

Build a more profitable book of business

Accelerate New Business Intake with AI    Download Brochure

Key features

  • Purpose-built interface and workflows to get a 360-degree perspective of each submission
  • Selective Underwriting by dynamically prioritizing new submission requests based on the LoB, broker, location, industry, risk appetite, etc.
  • Automated request identification, classification, and deal creation based on LoBs from multiple mailboxes
  • Out-of-the-box handling of Accord forms, Loss run reports, Statement of Value documents, and other documents with extensible configuration
  • AI-powered decision assistance for Underwriters to assess the completeness of submissions
  • Comprehensive human-in-the-loop to verify extractions and handle exceptions
Transform New Business Intake for Commercial Insurance    Request a meeting

Typical Scenarios

Submission prioritization

Underwriting is time-consuming, and Underwriters tend to follow FIFO as many don’t have a systematic way to prioritize applications. XtractEdge Commercial Insurance pulls relevant pieces of information from submissions by intelligently analyzing structured and unstructured text. It filters and prioritizes the submissions based on the likelihood of binding, loss ratio, profitability score, and probability to win.

Setup & clearance

Underwriting assistants manually key in data, check various systems for the Broker of Record (BOR). XtractEdge Commercial Insurance automatically extracts the key data fields UW assistants need to clear and set up both new & existing accounts.

Request a meeting