Transforming Underwriting Workflows with AI: Faster, Smarter, and More Accurate
For Managing General Agents (MGAs), wholesalers, and carriers, submission processing is often a time-consuming and error-prone task. Underwriters and agents spend countless hours manually entering data, validating submissions, and reviewing incomplete applications. But what if this process could be automated, allowing underwriters to focus on decision-making rather than data entry?
With Selectsys Tech’s AI-driven Submission Automation and RQB Platform, we bring a seamless and intelligent workflow to insurance submissions, drastically reducing manual intervention while increasing speed, accuracy, and efficiency.
The Power of AI in Submission Automation
Our submission automation technology leverages AI OCR (Optical Character Recognition) and Natural Language Processing (NLP) to extract, validate, and prefill submission data with minimal human intervention. Instead of underwriters manually keying in data, our AI-powered system reads submissions from various formats—including PDFs, emails, and scanned documents—automatically populating the necessary fields in real-time.
Key Advantages:
- Faster Processing: AI eliminates manual data entry, enabling underwriters to review submissions in minutes instead of hours.
- Increased Accuracy: AI-driven validation checks reduce errors, ensuring cleaner data inputs.
- Improved Productivity: Agents and underwriters can now focus on analyzing risks and making decisions rather than repetitive administrative tasks.
- Better Submission Completeness: The system detects missing data points, prompting automated follow-ups with agents for completion.
RQB: The Engine Behind Smarter Quoting
Submission automation is just the beginning. With Selectsys Tech’s Rate, Quote, and Bind (RQB) platform, we streamline the entire underwriting process by integrating AI-driven submission intake with real-time quoting engines.
How It Works:
- Submission Intake: AI OCR reads and extracts data from emails, PDFs, and structured forms.
- Automated Data Population: The extracted data is auto-mapped into the RQB platform.
- AI-Powered Risk Analysis: The system cross-references historical data and underwriting rules to flag inconsistencies or missing details.
- Instant Quoting: RQB processes the clean data to generate quotes in seconds, significantly reducing turnaround time.
- Seamless Integration: Connects with carrier systems and underwriting platforms to ensure consistency across all workflows.
By eliminating redundant data entry and automating rule-based tasks, underwriters can simply review and approve submissions instead of spending hours inputting data manually. This not only accelerates policy issuance but also enhances agent and customer satisfaction.
Test Case: AI Submission Automation in Action
Scenario:
A mid-sized MGA was struggling with submission processing as emails containing new submissions, endorsements, cancellations, and quote requests were manually sorted into various inbox folders before being processed. This manual workflow led to significant backlogs, delaying submissions by 2-3 days.
Solution Implemented:
- Selectsys Tech’s AI-powered Email Listener was deployed to automatically read and categorize emails using highly trained NLP models.
- Emails were sorted into appropriate processing queues (e.g., New Submissions, Endorsements, Cancellations, Quote Requests).
- In Phase 2, AI automation pushed categorized tasks from each email queue into the MGA’s Agency Management System (AMS), eliminating the need for manual input.
Results:
- Higher agent satisfaction due to faster response times.
- Instant categorization of submission emails upon arrival.
- Elimination of 2-3 day backlogs, ensuring real-time submission processing.
- 80% reduction in manual email triage workload.
- 3X faster submission-to-quote processing.
- 99% accuracy in data categorization and validation.
Why MGAs, Wholesalers, and Carriers Need AI Submission Automation Now
As the insurance industry continues to evolve, the demand for digital transformation is at an all-time high. AI-driven submission automation and quoting solutions are no longer a luxury—they are a necessity for any MGA, wholesaler, or carrier looking to stay competitive.
With Selectsys Tech’s AI Submission Automation and RQB Platform, you can: Reduce time spent on submission intake by 70% or more. Increase underwriting efficiency by 3X. Improve accuracy, reducing rework and manual corrections. Deliver faster quotes, leading to higher agent and customer satisfaction.
Start Your AI-Driven Insurance Transformation Today
The future of insurance submission and quoting is here—and it’s powered by AI. If your underwriting team is still manually entering data and struggling with inefficient workflows, it’s time to embrace submission automation and RQB to unlock speed, accuracy, and profitability.
Want to see it in action? Start a pilot with Selectsys Tech today and experience firsthand how AI can revolutionize your underwriting workflow.
