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.
Lack of prioritization in submissions leads to a longer queue, with
Manual rekeying of information into core systems by Underwriters reduces productivity
Low conversion ratio (between 4% – 10%) due to fewer submissions getting processed
Lack of a responsive digital experience results in Underwriters taking between 1-4 weeks to quote
To reduce costs, Underwriters often take a partial view of submissions leading to inefficient quoting
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
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.
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.
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