Transforming Insurance Underwriting with Kanverse Packages

Submission Underwriting is crucial in Insurance

Determining viable and competitive prices in a market with decreasing profit margins is challenging. Only some highly competent professionals can finish this kind of work. However, many repetitive procedures in the underwriting process are automatable. For instance, commercial insurance submission procedures rely heavily on manual labor. Before starting the risk analysis, underwriting support team specialists put much effort into gathering and compiling data. Most insurers rely primarily—to differing degrees—on paper-based procedures. Underwriters and brokers can no longer rely on asking a coworker seated nearby for a piece of missing information or transferring papers around the office. Streamlining processes like continuous underwriting and straight-through processing need unbroken real-time data access to evaluate complicated risks swiftly. 

However, about 80% of this data is unstructured and is buried in digital insurance documents of various kinds and forms. A skilled underwriting support team's potential is often wasted on manual and repetitive activities and data enrichment that machines can perform more accurately, quickly, and efficiently. With human-in-the-loop and Al-powered automation, insurers can liberate underwriting support staff from these repetitive tasks, allowing them to concentrate on clients and expansion, thereby feeling more liberated and focused on strategic tasks. 

Manually processing submissions and need for Packages

The main channels for submitting new applications are agency portals and emails from agents/brokers. Through these two avenues, over 70% of the entries are received. The emails contain different types and formats of submission data. An email chain with several attachments that includes the loss runs in PDF format, Statement of Values in Excel formats, ACORD and non-ACORD new business applications, supplemental forms, and property schedule in spreadsheet style is a typical example. Following the transfer of this data to the insurer systems, raters, underwriters, and underwriter assistants take a long time to verify the data and fill in any gaps. Typically, underwriters refer to the supplemental information as attachments when calculating risk, and only the data from primary forms are manually extracted. Usually, this data is not put together by any specific data communications standard. While Kanverse assists underwriters in validating and preparing the extracted data before its publication into Insurance systems, a great deal of complexity is involved in matching incoming documents to the appropriate LOB and determining the missing inputs.

Kanverse has introduced a new user interface screen, 'Package Viewer,' which provides a structured view of the collection of documents received and the appropriate LOB and product mapping. Viewing the documents received in each package, categorizing them, identifying any missing documents, and detecting the LOB and product mapping are all simplified tasks for users, making them feel more at ease and less burdened by complex processes.

Collating data from different sources is tedious

In an ideal scenario, the underwriter would expect to receive a complete application with all necessary attachments in a single email. However, in reality, this information seldom comes in a single email. Most of the time, data and necessary forms are missing, and multiple emails are used to communicate and gather this data from the users or the broker. Collating the data across various emails is a cumbersome task for the underwriter. Kanverse helps identify these emails using unique identifiers and automatically collates documents spread across multiple emails over several hours or days. The data is extracted from these documents and presented to the underwriting support staff as a single Package in the package viewer. Kanverse also has a smart response format that lets the specialist generate the output from these packages in standard formats like XML, JSON, EDI or directly push this into any downstream end system via API calls.

Automating Insurance Underwriting with Kanverse

With the increasing complexity of commercial risk submissions, the need for insurers to quickly and comprehensively analyze these submissions is more pressing than ever. To remain competitive, insurers must embrace Al powered Automation to supplement and expedite these processes. By automating data extraction and review processes, Kanverse's Insurance Document Processing enables underwriters to focus on complex decision making and relationship-building. This shift in focus leads to faster processing of submissions, improved customer service, and ultimately, increased written premium and decreased claim activity, making the audience feel more efficient and productive.

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