Built in response to customer demand, FormFlow eliminates inefficiencies in handling broker submissions, enabling faster, more accurate quote processing and boosting sales opportunities.
FormFlow addresses a long-standing bottleneck in the MGA-insurer-broker relationship. Traditionally, brokers either complete individual quote forms for various MGAs and insurers or submit risk details via emails and attachments, leaving underwriters to manually re-enter data. This process is labor-intensive, error-prone, and significantly slows down the quote and bind cycle. Insly estimates that underwriting teams currently process only 30–50% of broker submissions, leading to missed opportunities and strained broker relationships.
By leveraging AI, FormFlow enables brokers to submit risk details in any format, including PDFs, images, emails, and even handwritten text. The tool extracts data using advanced AI systems, maps it to MGA and insurer templates, and enriches it with third-party data, all while adhering to stringent data security standards. This automation eliminates manual re-keying, allowing MGAs and insurers to handle higher quote volumes more efficiently.
Insly projects that FormFlow can increase quote processing rates to 60–70% on its own and up to 80–90% when paired with automated underwriting systems. It reduces processing times from days to minutes and enhances data quality for underwriting by up to tenfold.
“MGAs and insurers are losing out on a significant volume of potential sales due to a data-processing challenge,” said Risto Rossar, CEO and Founder of Insly. “Our Insly Innovation Lab has been researching and testing the best applications for AI in insurance processes, and this is an area where the technology delivers immense value.
“The tool we’ve created removes a huge cause of inefficiency, helping brokers and underwriters collaborate more effectively while aiding customers in finding the best coverage for their needs. We’re excited to implement FormFlow with both existing and new customers, empowering MGAs and insurers to maximize their broker relationships and accelerate sales.”
FormFlow’s flexibility allows it to integrate with any existing IT system or operate independently, digitizing customer information and enhancing underwriting efficiency through structured data and third-party insights. This innovative solution is set to redefine how the insurance industry handles broker submissions, paving the way for faster and more efficient workflows.
