Getting business in the door is great—but it’s just the first step in the underwriting journey. Carriers today need to quickly convert intake into insight by digitizing data, cleansing and supplementing intake information, and preparing the information for underwriters. In this post, we’ll look at how advanced tools are creating a new future for underwriting intake.
A practice unchanged for decades
- 15-25 percent of key data from customers or agents can be wrong.
- Submissions are often incomplete and missing key documents.
- Information is in different formats or structure, requiring effort to organize it.
The power of “human+” intake
- Application programming interfaces (APIs), portals, and robotics can replace a significant portion of email as the submission source.
- Natural language robots can read, classify, and initiate submission processing from email.
- Data vendors and platforms such as PLANCK, Enigma, and Carpe Data can supplement and validate key data on the submission, leading to increased accuracy and reducing the data needed from the agent, broker, or customer.
- Data validation and manipulation tools can evaluate, adjust, and conform list data from processing, including locations, vehicles, or employees.
- Deep learning solutions can evaluate benefit plans, medical records, or other long documents to quickly extract key data from cumbersome records.
In short, collections of intelligent tools can become indispensable assistants to underwriters by helping them to prepare and manage submissions for processing. These tools can not only prepare the data that’s used today—they can also supplement it with third-party data that the underwriter can use to work more efficiently and effectively.
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