Underwriting Automation in Insurance: Predict Future Risks Using Machine Learning

Description of Problem

Every day, the client needs to do tedious manual tasks in their underwriting process. The staff needs hours or even days to evaluate risks and deciding whether the prospective client would be willing to pay for the coverage.

The company has thousands of existing customers and it has been growing day by day. This means that the underwriter needs to evaluate both new inquiries and existing customers who need any changes in their policies. The underwriter will also need to make decisions for any special cases above and beyond the underwriting guidelines.

That’s just the beginning, there are many tedious tasks that await if there is any document or information that is missing or not completed. 

How Gleematic software helps

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  1. Gleematic is able to gather data from hundreds of insurance applications and check against various types of listings (e.g. Net Reveal/ Factiva) round the clock. This task usually takes days to be done by humans, but Gleematic is able to do it in just 4-5 hours.
  2. Gleematic will pull out and analyse data and information in the documents. Our bots then will calculate potential risk for a specific client or profile.
  3. With Machine Learning, Gleematic can also analyse and propose whether the coverage is acceptable and profitable.
  4. Gleematic will generate the most profitable quotation for the company, which would also be in the acceptable range for the insured.

Benefits

  • Shorter Time of completion: Gleematic cognitive automation works up to 5 times faster than humans.
  • High Accuracy: Almost 100% accurate when transferring/ compiling digital data. There would be no human-errors of missing data, uploading wrongly, or having duplicated files in the archival process.
  • FTE Saving: ~3 to 4 FTEs
  • Saves precious hours of humans: As the human-users would only have to monitor the robot’s progress and make the final analysis only (rather than the tedious data collation), he/she can spend most of his/her time on doing better analysis and other important things.
  • Reduced stress on staff: As the staff (humans) need not attend to mundane and repetitive yet detailed work, they would have less stress and be more motivated to do other value-added jobs.  

Description of Client

The client is an insurance company that distributes travel, motor, health, home coverage, etc. 

Industry

Insurance

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