Cogito forAccelerate Commercial Insurance Underwriting with Natural Language Understanding
For commercial and corporate insurers uses Artificial Intelligence (AI) to automate the repetitive, labor intensive tasks typical of the underwriting process.
AI-based Natural Language Understanding (NLU) lets Cogito read, understand and extract data from claims, risk analysis reports, email and other unstructured documents the same way humans do.
Increasing the volume of data considered during underwriting avoids unexpected risk exposure. Cutting research time produces underwriting offers ahead of the competition, winning more business. When peak demand occurs, Cogito scales document input, allowing existing human experts to meet underwriting demand.
By automating document understanding, Cogito enables insurance professionals to focus on the highest-value areas of their jobs.
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Speed up the Quote
Automatically detect and extract information from submission forms and risk reports so underwriters can create a pre-quote fast.
Compare policies and slips
Extract the conditions, coverage, exclusions and endorsements. Compare policies: local vs. master. Find the inconsistencies in broker slips, renewals, and terms and conditions.
Streamline risk assessment
Extracts risk factors from risk reports (energy, property, etc.) with a corresponding grade and assigns an overall evidence-based risk grade to the locations to be insured
Increased efficiency for risk engineers and underwriters, faster processing times (from hours to seconds), faster time to quote, increased sales capacity, consistent and accurate compliance and auditing, reduced reserving and leakage, reduced exposure to risks and improved customer experience.
Cogito for Underwriting enables easy and accurate access to key pieces of information present in unstructured documents used in the underwriting process, such as third-party risk reports, requests for quote, contracts and policies, emails, pdfs and more.
It is very common for an Insurance company’s legal department to spend time reviewing and comparing legal documents to ensure compliance and consistency across the organization. In the review of existing policies, you can automatically analyze clauses and compare them to reference policies to flag misalignments and excessive exposure. In the case of new regulation entering into law, Cogito for Underwriting can identify its impact on your company, pinpointing the legal documents or policies, process and procedures that must be updated.