Revolutionizing Submission Automation for MGAs and Wholesalers with AI-Powered Technology: From Email Intake to Quoting in Minutes
In the fast-paced insurance industry, MGAs and wholesalers are constantly challenged with managing large volumes of submissions from agents. Typically, gatekeepers spend significant time manually sorting through submission emails, extracting details from forms, performing clearance, and assigning tasks to underwriters. This manual process not only creates bottlenecks but also delays response times, which can be the difference between winning or losing a deal.
Enter Selectsys Tech’s AI-Powered Automation Solution.
The Problem: Manual Submission Processing
When agents send submissions to a dedicated email address, gatekeepers must read each email, identify the line of business (LOB), and manually process each submission. This involves clearance in the agency management system, assigning tasks in the workflow system, and linking documents to a document management system (DMS). This time-consuming and labor-intensive process often results in delayed quotes and bottlenecks in the underwriting process.
The Solution: Automated Submission Processing with AI OCR Bridge and Underwriter Link
Selectsys Tech has developed an intelligent automation solution that leverages AI and AI OCR technology to eliminate the need for manual data entry and submission handling.
- AI-Powered Email Listener: The automation begins by deploying a listener on the submissions email. It reads all incoming emails and uses AI to identify the producer and associated details.
- AI OCR Document Analysis: The AI OCR Bridge extracts information from attachments, such as insurance forms and schedules, and classifies the LOB and key details.
- Automated Clearance: The system uses web services to perform clearance checks directly in the insurance management system.
- Task Creation and Workflow Assignment: Once the submission passes clearance, the system automatically creates a task in the workflow system and assigns it to the appropriate underwriter based on predefined rules.
- Data Integration with Underwriter Link: The extracted data is inserted into Underwriter Link, which integrates with dozens of carrier systems through APIs. This allows seamless data entry into the carrier platforms, making it easier for underwriters to access all the information they need with no manual input.
- Quoting in Minutes: When underwriters open the task, all data is pre-loaded into the insurance management system, documents are linked in the DMS, and risk data is available in Underwriter Link. With just a few clicks, underwriters can rate and review quotes, significantly reducing processing time.
Test Case: Improved Turnaround Time and Efficiency for an MGA
Background: One of our clients, a large MGA specializing in property and casualty insurance, faced significant operational bottlenecks due to their manual submission processing. On average, the gatekeepers took 6 days to clear submissions, perform data entry, and assign underwriters to tasks. This delayed response resulted in missed business opportunities and reduced efficiency.
Problem: The client’s team of 14 gatekeepers struggled to keep up with the volume of submissions. This caused delays in getting the necessary information to underwriters, which led to slower response times and the risk of losing potential business.
Solution: After implementing Selectsys Tech’s AI-Powered Automation solution with the AI OCR Bridge and Underwriter Link, the client’s operations were transformed.
Outcome:
- Turnaround Time Reduced: Submissions that took 6 days to process are now completed on the same day, with underwriters receiving all necessary data automatically.
- Staff Optimization: The client’s gatekeeping team was reduced from 14 agents to just 2, as the automation handled 90% of the manual data processing.
- Increased Quote Volume: With faster submission handling and data entry, underwriters were able to process 3x more quotes than before, leading to a significant increase in bound policies.
- Underwriter Efficiency: Underwriters could now focus on risk assessment and decision-making, rather than spending time on data entry and clearance tasks.
Results and Impact
The automation solution has transformed submission processing from a tedious, time-consuming task into a streamlined, efficient process that adds significant value to the organization’s bottom line.
- Improved Turnaround Time: Quotes are now processed within hours instead of days.
- Increased Quote Volume: The ability to handle more submissions has led to a higher number of quotes sent to producers.
- Higher Bind Rates: Faster turnaround times mean producers are more likely to bind policies.
