Real insights and impacts of digitally assisted underwriting
Commercial insurers can now invest in intelligent automation programs with their eyes set on the right targets.
WorkFusion and Mindtree have the privilege of counting major, US-based commercial insurers among their customers. These enterprises have found particular success deploying our Intelligent Automation solutions in their claims and underwriting operations—automating mission-critical processes such as new business intake, new submission intake, and first notice of loss handling.
With the benefits of their combined experience, spanning technology and advisory, WorkFusion and Mindtree are able to share powerful insights on what commercial insurers should really expect from Intelligent Automation and how transformative it can be.
In this paper, we will outline five expected benefits for enterprises investing in AI-powered Intelligent Automation programs for commercial underwriting operations. You can:
- Reduce the cost to process new business submissions from ~$200 to below $50.
- Respond to brokers faster, shrinking handling time for new submissions from 20–30 minutes to fewer than five minutes.
- Boost operations teams’ productivity, increasing the number of transactions per FTE from 23–25 per day to more than 150 per day.
- Eliminate errors and reduce leakage through a data-first process.
- Empower your staff to work via a single console for all key actions while preserving your legacy systems. to brokers faster, shrinking handling time for new submissions from 20–30 minutes to fewer than five minutes
Reduce the cost to process new business submissions from $200 to below $50
In our experience, most commercial insurers cannot state how much they spend every time an email from a broker or agent hits their inbox with a new business opportunity.
In WorkFusion and Mindtree’s experience automating new business submission intake, we have determined that each new broker submission costs, on average, around $200 in operational expenses to process. So consider that: Insurers must shell out $200 just to see if this submission even fits with their business appetite before they can choose to pursue the business!
Built-in partnership with a leading client and —using a combination of critical automation capabilities including ML, OCR, and orchestration—WorkFusion’s end-to-end solution for commercial insurers automates data ingestion from new broker submissions, converting raw, unstructured data into usable data.
Deploying this solution enables insurers to reduce operating costs for each new submission by 75%, through a combination of straight-through processing and reduction of manual work.
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