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Improve accuracy and profitability with intelligent intake in insurance

March 30, 2023 | Insurance Underwriting, Intelligent Intake

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The current process most insurers use to sort through underwriting submissions requires manual effort from underwriters and their teams to identify relevant documents and relocate them to the correct folder or bin. This task is both time-consuming and prone to errors.

Fortunately, the increasing availability of intelligent document processing allows insurance companies to sort and filter through submissions faster and more accurately, minimizing human error and regaining wasted time.

 

Sort and filter more efficiently

 

With intelligent intake technology, insurers can streamline their data sorting and filtering processes with a high level of accuracy and efficiency. Unlike OCR or template-based solutions that force you to choose between speed or accuracy, intelligent intake uses revolutionary AI to ensure both.

Intelligent automation allows you to customize your sorting and filtering criteria, reducing the amount of manual work needed and maintaining consistency in the process. Plus, you can integrate your own customized models directly into existing workflows, adjusting your data processing capabilities to match your customers’ changing needs without sacrificing quality.

 

Related content: Automated processing turns insurance claims from cost center to differentiator

 

Solve human errors

 

Underwriting teams shouldn’t have to spend their time sifting through piles of data like a detective looking for the right clue. Current insurance processes rely a lot on humans, and unfortunately, this can lead to errors in quoting and underwriting. With intelligent intake platforms, you can quickly identify errors and improve your workflow, making everything run smoother and more accurately. Plus, there are handy tools to help you spot discrepancies in the data, and you can always review and correct the model’s predictions if needed. Intelligent intake solves human errors and creates a more accurate insurance process!

 

Related content: How intelligent intake solutions deliver 20:1 ROI for insurance companies

 

Eliminate wasted time

 

Did you know that underwriters spend a whopping 70% of their time on tasks that have nothing to do with actual underwriting? Crazy, right? Instead of focusing on important things like quoting submissions, they get bogged down by inefficient systems and manual processes. But here’s the good news: intelligent intake helps to change all that! By reducing redundant inputs and streamlining manual processes, users can free up more time to focus on what really matters – actual underwriting!

 

Related content: 4 ways intelligent intake improves the commercial insurance claims process

 

The future of underwriting

 

Intelligent intake features provide a comprehensive solution to underwriting challenges related to human input and manual processes. With data science metrics and streamlined exception handling capabilities, insurers can increase efficiency and accuracy, ultimately leading to increased profitability. Underwriters can simply no longer afford to waste time and precious resources manually sorting through mountains of submissions. Intelligent automation offers insurance providers the ability to automate their intake processes at every level, from quoting to underwriting.

By embracing intelligent intake insurers can enable their underwriters to improve their efficiency and free up focus time for more critical and complex tasks.

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