Technical underwriters at a Fortune 50 insurance company often make early decisions on policies, but they are generally forced to do so without all the information needed to make accurate decisions.
Using the Maana Knowledge Platform, underwriters can now leverage all required information to automate key segments of the underwriting process. This has resulted in optimum underwriting decisions delivered five days sooner than before.
Automate the collection of data on loss-run reports to minimize data-entry errors
Underwriters making early decision on partial loss-run reports and technical underwriters were manually entering data
How Maana Helped
Using the Maana Knowledge Platform and leveraging its DocAssist AI algorithm, the underwriters were able to extract all of the loss-run reports related to the underwriting process from multiple data silos. The reports varied in format, ranging from Excel spreadsheets and Microsoft Word documents to un-encoded PDFs. To extract data from the PDFs, the platform used optical character recognition to read them, which then enabled the underwriters to look for information about previous carriers, term dates, incident dates and costs.
The Maana Knowledge Platform enabled this insurance company to automate the collection of data on loss-run incidents, dates, and costs for the same carrier and customer. This saved time and minimized data entry errors. Each variable was classified so that underwriters could now search and discover information quickly and easily using the new Knowledge Graph. Now, this insurance company can answer complex questions such as:
- What are similar cases we have insured in the past and how did we price them?
- Who were the insurance customer’s previous insurance carriers?
- What was the carrier’s policy term?
- What was the carrier’s deductible?
- What was the previous term’s coverage?
- What was each accident’s loss?
- What was the adjuster’s accident description?