Wanted: Automation for insurance submission intake
Commercial insurance companies face a twofold challenge when it comes to maximizing automation in insurance underwriting:
• Broker submissions come in faster than insurers can triage and process them
• Companies don’t have the capacity to properly analyze complex submissions to understand whether they represent acceptable opportunities
In conversations with customers, we hear again and again their quote ratios are suffering, with only about 25% of submissions insurance companies receive turning into written policies. Some 60% never get reviewed at all because insurers simply lack sufficient capacity.
The solution is submission intake automation. Intelligent intake technology helps insurers automate submission intake and triage processes by performing tasks faster and more accurately than employees can on their own.
Industry experts agree that continuing with the status quo is not an option. “Insurers that continue relying on traditional ways of underwriting could start a negative spiral that would be difficult to reverse,” Deloitte says.
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