Cogito forAugment your capabilities in the Insurance Underwriting process with Natural Language Understanding
Cogito for Underwriting brings AI-based Natural Language Understanding to the Insurance sector by automating and optimizing the repetitive, labor-intensive tasks typical of the underwriting process.
Thanks to the ability to read and understand documents much in the same way humans do, in a fraction of the time, Cogito for Underwriting automates the essential taskof evaluating the customer risk profile.
For example, in Commercial Property Insurance, Cogito for Underwriting quickly and consistently analyzes third party risk reports,extracts each risk factor with the corresponding grading and assigns an overall, evidence-based risk grade to the facilities. This automation can be extended to the analysis of any other documents required in the underwriting process. In addition, Cogito for Underwriting can automate the review of existing policies. By analyzing clauses in local or custom contracts and comparing them to corporate policies, Cogito can flag misalignments and excessive exposure.
By reducing manual efforts and time spent on basic but time-consuming tasks, Cogito for Underwriting enables insurance professionals to focus on the highest-value areas of their jobs. Risk engineers can dedicate more of their time to direct verification of the most complex cases, while underwriters can turn around quotes on new policies faster or more easily prioritize which clauses of a policy they may need to renegotiate in the future.
Get a pre-quote
Automatically detect information from submission forms or requests to support underwriters in preparing quotes and use data to propose an optimum coverage estimate
Compare policies and slips
Extracts the general conditions, coverage, exclusions and endorsements and compare policies: local vs. master in the international programs context for renewals, slips from brokers, clauses and terms and conditions
Streamline risk assessment
Extracts risk factors from risk reports (energy, property, etc.) with a corresponding grade and assigns an overall evidence-based risk grade to the locations to be insured
Increased efficiency for risk engineers and underwriters, faster processing times (from hours to seconds), faster time to quote, increased sales capacity, consistent and accurate compliance and auditing, reduced reserving and leakage, reduced exposure to risks and improved customer experience.
Cogito for Underwriting enables easy and accurate access to key pieces of information present in unstructured documents used in the underwriting process, such as third-party risk reports, requests for quote, contracts and policies, emails, pdfs and more.
It is very common for an Insurance company’s legal department to spend time reviewing and comparing legal documents to ensure compliance and consistency across the organization. In the review of existing policies, you can automatically analyze clauses and compare them to reference policies to flag misalignments and excessive exposure. In the case of new regulation entering into law, Cogito for Underwriting can identify its impact on your company, pinpointing the legal documents or policies, process and procedures that must be updated.