Underwriting

Traditionally, submission clearance in the insurance industry has been a labor-intensive process, relying heavily on teams of staff manually sifting through Outlook inboxes, opening emails, and determining whether an MGA or carrier can underwrite a particular risk. This approach is not only time-consuming but also prone to inconsistencies and human error.

Our team has leveraged years of experience to develop an advanced, algorithmic-based clearance system specifically designed for property insurance (and adaptable to other lines of business). This innovative solution utilizes Natural Language Processing (NLP) and other sophisticated heuristics to revolutionize the clearance process.

Key features of our algorithmic clearance system include:

Automated parsing of crucial information from email bodies, including insured names and relevant dates.
Intelligent ACORD form and Schedule of Values (SOV) interpretation.
Integration with third-party data sources for automatic checks, such as OFAC screening.

Tranformative System Impact:

Time Efficiency: We decrease the time required for clearance on a per-submission basis by an order of magnitude.
Cost Savings: By significantly reducing the size of your clearance staff, we help cut operational costs.
Consistency: Our algorithms ensure uniform application of clearance criteria across all submissions.
Accuracy: By minimizing human intervention, we reduce the risk of oversight or error.

Our approach lets the algorithms do the heavy lifting in filtering submissions, allowing your underwriting team to focus on more complex decision-making and value-added tasks. This not only speeds up the clearance process but also enhances the quality of risk selection from the outset.

By implementing our algorithmic clearance system, MGAs and carriers can process a higher volume of submissions more efficiently, respond to brokers faster, and ultimately write more business while maintaining strict adherence to their risk appetite.

Clearance

Submission Ingestion and Underwriting Systems

Our team brings years of specialized experience in designing and implementing integrations that seamlessly connect cleared submissions with existing underwriting systems. This expertise spans a wide range of solutions, accommodating both off-the-shelf SaaS-based platforms and custom-developed internal systems.

Key aspects of our integration capabilities include:

Flexible Integration Architecture: Our solutions are designed to work with various underwriting system types, ensuring compatibility regardless of whether you're using a commercial SaaS product or a proprietary in-house system.
Data Mapping and Transformation: We create robust data mapping processes to ensure that information from cleared submissions is correctly formatted and aligned with the target underwriting system's requirements.
API Development and Management: For systems that support it, we develop and maintain APIs that allow for real-time data transfer between the clearance process and the underwriting platform.
Legacy System Integration: We have extensive experience in creating bridges between modern clearance tools and older, legacy underwriting systems that may lack native integration capabilities.
Automated Workflow Triggers: Our integrations can initiate specific workflows within the underwriting system based on submission characteristics, streamlining the process further.
Data Integrity and Security: All our integrations are built with a focus on maintaining data integrity and security throughout the transfer process.
Scalable Solutions: Our integration designs are scalable, capable of handling increasing volumes of submissions as your business grows.
Customization and Tailoring: We work closely with clients to understand their specific underwriting processes and tailor the integration to match their unique workflows and requirements.

By leveraging our expertise in this area, MGAs and carriers can:

Eliminate manual data re-entry between systems
Reduce processing time for new submissions
Minimize errors associated with manual data transfer
Ensure consistency in how submissions are presented to underwriters
Improve overall operational efficiency in the underwriting process

Our team's deep understanding of both clearance processes and various underwriting systems allows us to create seamless, efficient integrations that significantly enhance the speed and accuracy of submission processing, ultimately supporting more informed underwriting decisions and faster response times to brokers and clients. Reach out to discuss how we can help you leverage your systems and data to their fullest extent.