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A global insurance provider improves the ‘Submission-to Quote’ ratio by 6%

July 28, 2023


Table of Contents

EdgeVerve’s XtractEdge Commercial Insurance (XE CI) is a game-changer in the insurance industry, leveraging technology and automation to optimize the ‘Submission-to-Quote’ ratio. By streamlining workflows and minimizing manual efforts, XE CI empowers insurance providers to generate quotes with increased speed and accuracy. This not only improves operational efficiency but also leads to heightened customer satisfaction.

The advanced data analytics capabilities of XE CI enables insurers to swiftly analyze large volumes of data, facilitating accurate risk assessment and informed decision-making during the underwriting process. Moreover, XE CI offers collaborative tools that facilitate seamless communication and interaction between insurers and customers, ensuring timely responses and transparent interactions throughout the quoting process. This enhances the overall customer experience and establishes XE CI as a transformative solution that bridges the gap between traditional insurance practices and the evolving demands of the modern insurance landscape.

Thus, by embracing XtractEdge Commercial Insurance, insurance providers gain a significant competitive advantage. The automation capabilities and data analytics tools offered by XE CI greatly improve the ‘Submission-to-Quote’ ratio, resulting in reduced turnaround times and enhanced customer satisfaction. Thus, this positions insurance providers at the forefront of the industry, allowing them to provide faster quotes, make more informed underwriting decisions, and offer an exceptional customer experience. XE CI empowers insurers to flourish in the ever-evolving insurance industry, thus allowing them to stay one-step ahead of the curve and cement their position as industry leaders.

Challenges faced by the global insurance provider

The commercial insurance firm witnessed multiple challenges in their operations, including the need for a holistic view of the submission process and improved tracking capabilities across different lines of business. They also recognized the importance of efficient data exchange and collaboration between underwriters and the support team. Furthermore, they wanted to address issues related to prioritizing submissions, establishing structured communication with carriers and brokers, and enhancing their reporting capabilities.

To overcome these challenges, EdgeVerve provided a comprehensive solution that streamlined workflows and automated processes. By centralizing submission-related data, the company gained a unified view of the entire process, enabling effective tracking and management. The solution also facilitated efficient data extraction and validation, eliminating manual methods, and accelerating the processing of requests.

XE CI introduced intelligent prioritization features that assigned priority levels to submissions based on predefined rules. This optimized resource allocation, ensuring high-priority submissions received immediate attention and reducing underwriting leakage. The platform also enhanced communication through structured channels, promoting seamless collaboration between stakeholders, and fostering transparency and trust.

Moreover, XE CI offered advanced reporting capabilities that provided in-depth insights into submission data. This empowered the company to make informed decisions, identify areas for improvement, and optimize their processes effectively. With the comprehensive capabilities of XE CI, the company was able to deliver faster processing, increase productivity, and an exceptional customer experience.

Largely, EdgeVerve’s solution addressed the challenges faced by the commercial insurance company by providing a comprehensive view of data, automating processes, enhancing communication, and offering advanced reporting capabilities. This resulted in improved operational efficiency, faster processing times, prioritized handling, structured communication, and comprehensive insights, ultimately positioning the company for success in the competitive insurance industry.

Implementing XtractEdge solutions

XtractEdge Commercial Insurance offered a game-changing solution to overcome the challenges faced by the commercial insurance company. Built on the robust Document AI platform XtractEdge, XE CI provided a comprehensive and integrated system. It centralized submission-related data, offering a unified view of the entire process and enabling efficient tracking and management across various lines of business.

XE CI’s advanced features revolutionized data processing by leveraging intelligent data capture and extraction capabilities. This eliminated manual methods, resulting in faster and more accurate processing of requests. Submissions that previously experienced significant delays were swiftly processed, minimizing the risk of missed business opportunities. Underwriters’ productivity improved as they could focus on core responsibilities instead of time-consuming non-core activities.

The platform’s intelligent prioritization of submissions during rush hours was a critical enhancement. It streamlined submission handling by assigning priority levels based on predefined rules and criteria, ensuring high-priority submissions received immediate attention. This optimized resource allocation, enabling timely responses and avoiding unnecessary delays, ultimately enhancing operational efficiency.

XE CI also transformed communication by providing structured channels and a responsive digital experience for carriers and brokers. It facilitated secure and transparent information exchange, enabling seamless collaboration among stakeholders. This not only boosted efficiency but also significantly improved the overall customer experience, fostering transparency, trust, and satisfaction.

In summary, EdgeVerve’s XtractEdge Commercial Insurance (XE CI) effectively addressed challenges by offering a centralized system, automating processes, and enhancing communication. With streamlined data processing, prioritized submission handling, and improved collaboration, XE CI propelled the company towards operational excellence. The solution delivered faster processing, increased productivity, optimized resource allocation, and enhanced the customer experience, positioning the company as a leader in the competitive insurance industry.

Download the case study for more information https://www.edgeverve.com/xtractedge/ai-insurance-landscape/

Solutions offered by XtractEdge Commercial Insurance

XtractEdge Commercial Insurance was a game-changing solution for our client in the commercial insurance industry. Built on the Document AI platform XtractEdge, XE CI revolutionized data processing and utilization throughout the underwriting cycle. Its advanced data extraction capabilities effortlessly extracted relevant information from structured and unstructured documents, ensuring accuracy and consistency. By seamlessly integrating with the client’s email system, XE CI accelerated data collection and validation.

Moreover, XE CI enriched the extracted data by integrating external third-party sources, providing comprehensive insights and a holistic view of each submission. This empowered underwriters to make informed decisions, accurately assess risks, and generate competitive quotes. The platform’s ability to prioritize submissions based on predefined rules further improved underwriting efficiency and profitability.

XE CI offered a unified view of submission-related data, consolidating key data points and documents into a user-friendly interface. This enabled swift access and analysis of crucial information, facilitating faster decision-making and effective collaboration between underwriters and the operations team. With XE CI, our client gained a competitive edge, delivering superior customer experiences and achieving remarkable success in their underwriting endeavors.

Results and benefits achieved

XtractEdge Commercial Insurance proved to be a transformative solution for our client, delivering exceptional results in underwriter productivity and response time. By providing a comprehensive view of information throughout the underwriting lifecycle and enabling seamless communication and data exchange, the platform revolutionized the way submissions were processed.

In the process, the client experienced a range of compelling benefits which are:

Largely, XtractEdge Commercial Insurance delivered transformative outcomes for our client. Through its ability to enhance underwriter productivity, expedite response times, and improve data quality, the platform propelled significant improvements in the ‘Submission-to-Quote’ ratio, reduced manual efforts, increased conversion rates, and streamlined underwriting processes. These accomplishments solidified our client’s position as an industry leader and demonstrated the power of XtractEdge in revolutionizing commercial insurance operations.

Outlook and continued success with XtractEdge Commercial Insurance

The insurance provider is geared towards ongoing success with XtractEdge Commercial Insurance. Their focus lies in constant improvement and adaptability to dynamic market conditions.

Key areas of future development include refining automation processes and leveraging advanced analytics for better decision-making. They strive for optimized efficiency and accuracy in underwriting operations.

Expanding data analytics capabilities is paramount, enabling deeper insights into risk assessment, pricing models, and market trends. This data-driven approach fuels growth and success.

Customer-centric initiatives remain a priority, aiming to deliver an exceptional experience through seamless interactions and real-time updates.

To stay ahead, the insurance provider embraces emerging technologies, exploring solutions like blockchain and predictive analytics.

So, the insurance provider’s outlook and continued success with XtractEdge Commercial Insurance revolve around improvement, adaptability, and customer-centricity. By refining automation, expanding analytics, and embracing emerging technologies, they are primed to excel in the ever-evolving insurance landscape.

Final thoughts

The global insurance provider’s remarkable success in improving their ‘Submission-to-Quote’ ratio by 6% with XtractEdge showcases the transformative power of this innovative technology. Through streamlined data collection, enhanced risk assessment, improved collaboration, and a customer-centric approach, they achieved outstanding results. XtractEdge played a pivotal role in driving efficiency, boosting competitiveness, and demonstrating the significance of leveraging technology in the ever-evolving insurance industry. Hence, it is a testament to their commitment to excellence and meeting the evolving needs of customers.

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