Recently, a Fortune 500 specialty insurance company with more than 5,000 employees around the world partnered with Indico Data
to enhance its underwriting processes by modernizing and optimizing intake.
After a 10-month planning and pilot phase, the insurance provider significantly increased their ability to review a large number of policy submissions and now generates an additional $30 million in premiums per quarter.
A significant portion of a large insurance company’s revenue comes from their underwriting business, which is based on percentage of intake quoted, speed of response, as well as binding conversion rates. With the steadily growing competitive landscape and their focus on providing the highest level of service, the company looked for a solution to help them increase underwriting capacity to increase net premiums written and improve risk profile. The carrier identified that their underwriting team was only able to quote 40% of inbound submissions, of which only 25% were bound, and there was an increasingly competitive tech-enabled market landscape. Their team set out to determine if they could solve this problem by leveraging an intelligent intake application.
With Indico Data, they were able to automate the classification and unbundling of submission emails & attachments, built custom AI models to extract key fields required and utilized Indico’s out-of-the-box ACORD Forms to accelerate processing.
The impact Indico provided the business was significant. The carrier anticipates that their underwriting team’s capacity will increase by 60% allowing them to quote more inbound submissions with faster turnaround times, resulting in $30M+ of new premiums written.