Pibit.ai Streamlines Submission and Underwriting Processes

When you are dealing with commercial insurance, the submission and underwriting process can be quite intricate. Commercial insurance, in particular, often entails a substantial amount of data, manual review, and time-consuming procedures. Insurtech founder Akash Agarwal at Pibit.ai, emphasizes, Commercial insurance is a broad field, encompassing various types of policies, from liability to commercial auto, property, and workers comp. Although they share a common process, each type requires distinct documents for underwriting.

1. 1. Paper-based applications processed through a mailroom
2. 2. Emails with attachments
3. 3. Supporting documents like corporate tax returns and identification verification forms
4. 4. Loss runs and supporting records

Each of these documents must be scanned, organized, categorized, and routed accurately. Moreover, the data within each document needs to be extracted correctly and placed into the appropriate systems – a complex task indeed.

However, there's a solution to simplify this process.

Enter the Pibit.ai Automation Platform for Unstructured Data, designed to streamline the approval process for commercial insurance carriers significantly. Through intelligent automation, Pibit.ai breaks down and categorizes each application package. It leverages a combination of rules and deep learning algorithms to comprehend the submitted documents and determine applicant eligibility, creditworthiness, and financial limits. As a result, the near-final package progresses through the process much more rapidly.

In the sections below, we explore the top four ways in which commercial insurance carriers can transform their submission and underwriting processes by utilizing Pibit.ai.

According to Bastiaan de Goei, "The submissions and underwriting process involves a lot of manual intervention without Pibit.ai." This is due to the extensive variability and complexity of documents in commercial lines insurance. These documents can range from payroll forms and alarm certificates to detailed truck-fleet information and several years' worth of audited financial statements. Since they are often unstructured, processing them requires substantial human involvement.

Pibit.ai significantly reduces the need for manual reviews by interpreting information in unstructured documents. For instance, it can understand loss runs, which represent a policyholder's claims history and may include a mix of tables and free text. Pibit.ai comprehends all of this without constant oversight.Primarily by decreasing the manual review needed for underwriting, Pibit.ai cuts operational costs for insurers. This is particularly vital for commercial insurance companies facing cost pressures in the current low-interest-rate environment. By freeing highly trained and costly underwriters from repetitive manual tasks, insurers save substantial amounts on operational expenses. Furthermore, Pibit.ai allows underwriters to allocate more time to complex cases while maintaining high underwriting quality.

Insurers that primarily rely on manual underwriting often encounter challenges when attempting to scale their operations. Such insurers face two options:

1. 1. Increase staff to handle higher underwriting volumes, which results in higher costs.
2. 2. Increase underwriting volumes without expanding staff, leading to potential future claim issues.

For insurers aiming to grow and remain competitive, neither of these options is ideal. Intelligent automation offers a better alternative.

By automating significant portions of the process, insurance companies can reduce document processing times by up to 85%. Additionally, automation reduces the occurrence of human errors and omissions, thereby enhancing underwriting quality. As a result, insurers can process more applications with the same or even fewer team members, enabling them to scale their underwriting volumes without increasing operational expenses.

Insurance carriers rely heavily on brokers and adhere to specific service level agreements (SLAs) that dictate the timeframes for delivering quotes to brokers.With automation, insurers can reduce document processing times by up to 85%. Tasks that once took days or weeks can now be completed in a matter of hours or days. Faster processing ensures that insurance carriers consistently meet SLAs, strengthening broker relationships. This, in turn, encourages brokers to entrust higher-quality business to the insurance carrier, providing insurers with a significant competitive advantage in a crowded marketplace.

By automating critical stages in the approval process, Pibit.ai minimizes room for human error. These automated steps include policy checks with binders and the meticulous extraction of loss-run schedules required for underwriting.Pibit.ai's speed and accuracy significantly enhance the broker and customer experience, leading to happier brokers and commercial customers. Consequently, this strengthens broker relationships, improves customer retention rates, generates more referral business, and creates greater revenue opportunities for insurers.

Get a demo to witness how Pibit.ai can optimize your commercial insurance organization's workflows without delay!