Every day Brokers and Carriers produce, read, interpret, and process a complex myriad of documentation including policy documents loss run reports, binders, quotes, financial statements, and more. And for all the talk about automation and streamlining workflows, the vast majority of these documents are still being processed manually. Managing this and taming this paper juggernaut can be daunting even for seasoned insurance professionals.
The Emergence of Insurants
But things are about to change dramatically. Over the past 4 years we’ve been collaborating with Marsh McLennan, a global leader in insurance broking and risk management services, to develop an Intelligent Document Processing (IDP) solution that is purpose built to address Commercial Insurance needs. We introduced the fruits of these efforts with our Insurants launch earlier this month.
Our collaboration with Marsh allowed us to train our Insurants models on tens of thousands of documents. These documents came from 475 carriers and their subsidiaries in the US and Canada, covering 50 insurance classes and 150 data fields. The documents ranged from policies, slips and supporting documentation across diverse business lines, geographical locations, and languages. Their experience serves as a blueprint for others in the industry facing similar challenges.
Here’s a glimpse into how we leveraged our expertise from working with Marsh into the Insurants solutions.
Lessons Learned from Marsh
Through our collaboration with Marsh, we’ve learned valuable lessons in managing and automating specific workflows relating to commercial insurance. A key takeaway was that a generic IDP platform just won’t cut it. To automate at scale you need deep industry knowledge to streamline operations, improve data accuracy, and enhance customer service. In other words, we speak commercial insurance!
Having studied thousands of policies, binders, quotes and slips in all shapes and sizes, we understand the nuances, the terminology and we know how to get to that ‘hard to reach’ data.
We are able to digitize documents, capture, compare and provide key pieces of information, e.g. compare clauses in different versions of contracts, capture all limits of liability, find endorsements attached to the policyand generate actionable insights to speed up insurance business processes. We apply IDP and generative AI to specific types of insurance documents, such as policy documents, binders, or loss runs .
For policy documents, AntWorks can extract critical data points quickly, ensuring all the declarations information and key endorsement dataare accurately captured and processed. This leads to better risk assessment and policy management. In the case of loss runs, Insurants can automate the extraction of information such as claimant details, nature of the claim, and associated costs,making this data available to brokers and underwriters to assess renewal pricing or to understand client loss ratios at any point in time. For Slips, Insurants can facilitate faster, more accurate risk data extraction and delivery into core systems leading to improved decision-making and claims management. This is all to say we can read and analyze the insurance docs that others can’t. In this way we enhance accuracy, efficiency, and decision-making across all aspects of document processing
Our goal is to free insurance carriers and brokers from the tedious task of data entry! Imagine a technology like Insurants that takes over all the monotonous data management duties, allowing your team to focus on what truly matters — strategy, innovation, and customer relationships. If it seems too good to be true, rest assured, it’s a reality!
In the current fast-paced, data-intensive insurance landscape, managing intricate documentation isn’t just a necessary task – it’s a competitive edge. So, prepare to join us on this journey as we unravel the secrets of effective commercial insurance documentation management, turning confusion into comprehension, and complexity into simplicity. Stay tuned for more posts in the coming weeks and months. In the meantime, don’t hesitate to get in touch and share your thoughts.
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