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For decades, this global carrier has been offering insurance solutions for commercial, small business, and personal lines. They pride themselves in helping clients find solutions for unusual and hard to place risks, customized coverage solutions, and most importantly providing superior service throughout the claims and underwriting process.
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.
