Submission Prioritization for Commercial Insurance Carriers
Boost Your Underwriting by 50% by Automatically Identifying the Best Submissions to Focus On
Your Challenge
Underwriting is time-consuming. And it’s likely the biggest bottleneck in your office. If you’re like most underwriters, you don’t have a systematic way to prioritize applications. You simply start each day at the bottom of your pile, operating by the industry rule—the first submission in is the first submission out. But what if you could automatically identify the submissions that help you shape your book of business and focus your energy on underwriting those submissions? Ah, what a thought.
Accelerate Broker Response Times
Win More of the Right Business
Enhance Your Underwriting Capacity
Expand Your Underwriting Capacity
Improve Staff Productivity
Increase Gross Written Premiums
The Solution
Find the right submission. Automatically.
Goodbye, first in, first out. With Chisel AI’s natural language processing and machine learning solution, you can digitally transform the application intake process to quickly identify the best submissions to write. The ones that fit your book of business and sales goals.
Increase Gross Written Premiums
Chisel AI’s Submission Prioritization ranks applications based on key performance indicators—such as projected profitability, broker experience, line of business, claim history, and acceptability of risk—to identify submissions that your underwriters should focus on. The result? You slash your response times from weeks to days. You become a first responder, winning more of the right business, and increasing gross written premiums.
Coupled with Chisel AI’s Submission Triage solution, Submission Prioritization helps you automatically prioritize submissions the way your staff do—just more efficiently. Once submissions are auto-routed to the right underwriter or department, rules are then applied that automatically filter and prioritize the submissions based on likelihood to bind, loss ratio, profitability score, and probability to win. Automatically prioritizing the submissions allows underwriters to focus on the submissions with the highest probability to win and help you shape your book of business.
Increase Profitability with Natural Language Processing
Natural Language Processing (NLP) is a machine’s ability to read language like a human, pulling relevant pieces of information, assigning value to the words, and intelligently analyzing structured and unstructured text.
Speed, increased
Use Chisel AI to extract, classify and analyze unstructured data in policies, endorsements, submissions, quotes, binders, etc. 400 times faster than a human, and with greater accuracy.
Routine, Automated
Automate high-volume, repetitive administrative tasks so that your skilled knowledge workers focus on high-value, customer-facing initiatives.
Staff, Profitable
Deepen customer relationships, provide better advice, underwrite more policies, and ultimately increase gross written premiums.
Recognize Named Entities Faster
Chisel AI’s solution recognizes more than 500 insurance-specific named entities. It extracts and interprets 500 data points in one second, compared to a knowledge worker who can extract only 15 to 50 data points in 30 minutes or more.
Named entities include:
limits
premiums
deductibles
types of coverage
exclusions
endorsements
territories of coverage
proximity to natural disaster zones
city, state, zip code
outstanding conditions
statements of value
loss run reports
and more.
As a result, you gain access to more data faster and with greater accuracy for better risk assessment and pricing.
Key Features
Real-Time Data Extraction
Chisel AI delivers the most advanced AI solution that extracts, reads, interprets and understands unstructured data in commercial insurance submissions, applications, binders, quotes, endorsements and policies.
Superior NLP Engine
Chisel AI’s natural language processing engine easily analyzes, classifies, and interprets data automatically, while continuing to learn over time.
API Driven
Chisel AI monitors your email inbox or portal natively or can be invoked via the API to extract data from digitally native documents such as PDFs, Word, Excel, JSON and others.
Get a personalized tour of how our advanced Natural Language Processing 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.
