Policy Check for
Commercial Insurance Carriers

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Your Challenge

Challenging business dynamics, rising distributor expectations, increased competition and complexity continue to plague commercial insurance.

Exploring new methods of automating and standardizing routine, predictive tasks is essential. Mitigating risk by reducing errors and omissions, eliminating human error, and delivering contract certainty are key to delivering a better experience and ultimately increasing profit margins.

  • Digitally Standardize the Policy Validation Processes
  • Mitigate Risk
  • Reduce E&O Exposure
  • Strengthen Contract Certainty
  • Improve Data Hygiene
  • Increase Profit Margins
  • Boost Staff Productivity
  • Enhance Operational Efficiency

The Solution

Fast-track the quote-to-bind process and deliver contract certainty.

With Chisel AI's Policy Check, you can digitize and standardize the entire process of checking an existing policy, quote, and binder against a new policy—in minutes. You can automatically cross reference and check all documents at once to validate accuracy before distributing new policies to brokers and MGAs. Increase written premiums by fostering trust and reliability among your distributors through the delivery of high quality, accurate, pre-checked insurance documents. Eliminate the need for brokers and agents to validate your work, saving them time and money.

By deploying intelligent workflows that are powered by Artificial Intelligence and Natural Language Processing (purpose-built for commercial insurance), you can improve operational efficiencies, mitigate E&O risk, improve contract certainty, and optimize the broker and agent experience.

 

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Enhanced Customer Service Through Automation

Chisel AI uses Natural Language Processing to extract, classify and normalize unstructured insurance data with superhuman speed and accuracy. Commercial insurance carriers can empower human staff with tools to automate routine, predictable underwriting tasks, allowing skilled knowledge workers to focus on strategic, high-value customer-facing initiatives.

Secure More Business

Increase gross written premiums and reduce policy rework ratios by providing accurate policies to your distributors fast. Be the 'gold standard' carrier that brokers and agents trust to deliver high quality, accurate policies the first time around.

Improve Contract Certainty and Data Hygiene

Identify potential errors and omissions automatically before delivering new policies to distributors. Eliminate the need for lengthy back and forth email exchanges. Dramatically reduce the time your team spends responding to requests for corrections and updates.

Fast-Track the Quote-to-Bind Process with Artificial Intelligence and Natural Language Processing

Natural Language Processing (NLP) is a machine’s ability to read language like a human, pulling relevant pieces of language, assigning meaning to the words, and intelligently analyzing structured and unstructured text.

Digitally Compare Existing Policies with New

Simplify and streamline the quote-to-bind process by automatically comparing expiring policies, binders, quotes and more with new policies to quickly and accurately identify errors and omissions in minutes.

Verify Policies in Minutes (Not Hours or Days)

With Policy Check’s onscreen checklist, your staff can identify errors and omissions in minutes. Color-coded markup highlights discrepancies between documents of different lengths and formats such as a new policy and a binder. Your staff can focus on resolving inaccuracies by using a simple interface to review inaccuracies and correct them prior to sending the new policy to brokers and agents.

Key Features

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Data Extraction

Chisel AI is the only solution that extracts, reads and understands unstructured data in commercial insurance submissions, applications, binders, endorsements and policies by recognizing more than 500 insurance-specific named entities.
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Predefined Checklist

Get up and running fast with our out-of-the-box checklist pre-populated with over 20 of the most common checks or customize your own with policy level or line of business specific details.
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Color-Coded Errors & Omissions

Color coding indicates errors, where the information was found and what the policy information should convey. For example, yellow highlights where the information was found, red highlights errors or mistakes and green highlights what the policy information should convey.
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On-Screen Visualization

Use the simple graphical interface to quickly spot errors and omissions at a glance, view findings, view a summary of actions required, and download policies and checklists.
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Format-Agnostic

Compare documents across multiple unstructured data formats, including Word, Excel and PDF.
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E&O Summary

View an automatically generated list of items that need to be addressed in the policy for contract certainty.
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Audit Trail

Keep track of errors and omissions identified and corrected, along with timestamps and sign offs from account managers, brokers, admins and more.

Download the Solution Overview

Schedule a Demo

Get a personalized tour of how our advanced Natural Language Processing and Machine Learning AI solution can help you digitally transform high-volume, routine tasks, enabling your skilled knowledge workers to focus on strategic high-value account management initiatives.

Write more business and deliver a better customer experience.

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