Smart Underwriting
The insurance industry is innovating in risk evaluation and product offerings, particularly in P&C and specialty markets. While an external perspective aligns with business realities, the internal view is often overlooked. Major challenges in P&C and specialty insurance underwriting include:
- Getting a thorough and quick understanding of all facets of risks under consideration
- Assessing value realization of deployed business strategies.
Accelerating speed to insights by use of advanced AI/ML Toolset?
- Enabling business users (especially underwriters) to develop real-time personalized strategies
- Integrating Core Systems (Book of Business data) with Third-Party Data to improve the quality of insights?
Solution
LTIMindtree’s Smart Underwriting platform adds efficiency gaining, effectiveness, and ease of conducting business. It brings the power of Gen AI, a plethora of third-party data, the simplicity of low-code/no-code platforms, and easy connectivity to an insurance enterprise through native APIs. The platform improves risk selection, pricing accuracy, and underwriting productivity, supporting underwriting operations teams with:
- Lead curation
- Submission intake
- Account clearance
- Core underwriting
- Decisioning and documentation support
What the Smart Underwriting Platform Offers
01
Submissions summarization (for easy consumption)
02
Assistance for critical decision-making
03
Single view of risk
04
Cognitive risk intelligence
05
Advanced risk visualization
06
Real-time risk monitoring
07
Adaptive underwriting workflow
08
AI/ML-enabled automated nudges and insights from the book of business and third-party data within a few clicks
09
NLP experience to derive ad-hoc portfolio and strategy insights
10
Pre-built connectors for industry-leading ISV solutions like DuckCreek, Guidewire, Insurity, etc.
Functions and Features
- Real-time structured and unstructured documentation ingestion and summarization
- Automated aggregation of risk data across internal and external data sources
- Underwriting decision support for account selection and risk analysis
- Real-time risk control by processing sensor data using analytical models
- Cognitive risk intelligence with Gen AI-powered underwriting assistant
- Risk quantification through scoring engines
- Risk & Performance (growth, loss) analytics (portfolio analysis) with LTIMindtree’s proprietary ‘9×9’ matrix
- Coverage Radar ‘RADark’ depicting coverage gap/depth and effectiveness to identify cross-sell and upsell opportunities (coverage gap analysis)
- Conversion, concentration, and profitability simulator and tracker (underwriting strategy reactor) to adjust underwriting strategy in real time
- Dynamic pre-scored leads generator using a plethora of third-party data so favorable risks can be targeted
- Risk accumulation management for multiple perils, regions, and lines of business
- Underwriting performance management dashboard
- Case management for effective workflow management
- ACORD-based integration adaptors with core systems
Business Benefits
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