Math And Pencil

Underwriting and Clearance Application
keyboard description

Analytics Application Branding Machine Learning

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:

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

Tranformative System Impact:

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:

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

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.

Reach out at info@mathandpencil.com to talk.