Product overview
XtractEdge Commercial Insurance transforms New Business intake processes by enabling Commercial Insurers to improve Underwriter productivity and response time by offering a complete view of the right information across the New Business and Underwriting lifecycle.
Commercial Insurers can leverage our product to bring consistency in the submission process and transition from fragmented to responsive Underwriting by prioritizing submissions and reducing iterations for missing information.
The product will also help them automatically extract relevant information, identify missing information, and get a comprehensive view of the submission to aid quick decision-making.
Challenges faced by the industry
Loss of Business
Lack of prioritization in submissions leads to a longer queue, with
Reduced Underwriter Productivity
Manual rekeying of information into core systems by Underwriters reduces productivity
Inefficient Submission Process
Low conversion ratio (between 4% – 10%) due to fewer submissions getting processed
Fragmented Carrier and Broker Communication
Lack of a responsive digital experience results in Underwriters taking between 1-4 weeks to quote
Inefficient Quoting
To reduce costs, Underwriters often take a partial view of submissions leading to inefficient quoting
Benefits of XtractEdge Commercial Insurance
50% increase in Underwriting capacity
80% reduction in application processing time
2X more conversion for New Business
Improve bind ratio through selective Underwriting
Automate submission prioritization
Build a more profitable book of business
Accelerate New Business Intake with AI Download Brochure
Key features
Transform New Business Intake for Commercial Insurance Request a meeting
Typical Scenarios
Submission prioritization
Underwriting is time-consuming, and Underwriters tend to follow FIFO as many don’t have a systematic way to prioritize applications. XtractEdge Commercial Insurance pulls relevant pieces of information from submissions by intelligently analyzing structured and unstructured text. It filters and prioritizes the submissions based on the likelihood of binding, loss ratio, profitability score, and probability to win.
- Boost Underwriter productivity
- Accelerate broker response time
Setup & clearance
Underwriting assistants manually key in data, check various systems for the Broker of Record (BOR). XtractEdge Commercial Insurance automatically extracts the key data fields UW assistants need to clear and set up both new & existing accounts.
- Time-saving
- Increased productivity
Resources
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