A Game-Changing Underwriting Platform

The role of automation and AI assistance in underwriting is rapidly evolving, and here at Cogitate we’re excited about the results our clients are experiencing on our underwriting workbench. In a recent study by Capgemini, a survey of P&C insurers suggested that 41% of the underwriter’s time is spent on “administrative and operational activities constraining their capacity and triggering value chain challenges in pricing and broker/customer experience.” The focus of this blog is to share some of the ways we’re lifting these manual constraints for our clients.

First and foremost, we value the craft of the underwriter and seek to support the role with technology, not replace it. Infusing the underwriting workbench with assistance, automation, and risk intelligence reduces time-consuming activities, delivers data-driven insights, provides predictive indicators to support decisions, and removes friction. On Cogitate’s insurance underwriting platform, underwriters can reclaim the time they need for their craft and accelerate responses to distribution partners.  

Ecosystem Partnerships

Cogitate’s ecosystem of third-party data integrations supports a streamlined experience for the underwriter. This unified platform eliminates manual reliance on multiple data providers and rekeying of information. Through these integrations, underwriters receive automated insights to support faster, better decisions, and benefit from data prefills, data verification, and more.

For example, through our sanction.io integration, one of our professional lines clients eliminated a manual compliance exercise that required 15-20 minutes per submission. With this integration, the submission is automatically researched for sanctions and flagged with a hard block if a sanction is detected. Overall, submission time has declined from 45 minutes to 3 minutes, and overall time to quote is just 10 minutes!

Through Cogitate’s 60+ integration partners, human judgment and workflow automation are supported across all lines of business – personal, commercial, and professional lines.

Predictive Modeling

At Cogitate, our newest predictive tool is being designed to help underwriters prioritize submissions. We’ve developed ‘likelihood to bind’ rankings that are color-coded and sortable to support heavy volumes of submissions. The underwriter can start the day by sorting submissions based on these probability scores to place attention on those submissions most likely to bind. As more experience and data are accumulated, machine learning hones these probabilities.

AI Underwriting Assistant

Innovative underwriting solutions are applying generative AI to assist underwriters in various ways. At Cogitate, our newest initiative is a user-friendly AI chat assistant that ingests documents and provides answers to questions the underwriter asks. Whether uploading a submission document and auto-populating the details to applicable fields, or ingesting a loss run and answering the underwriter’s questions, the AI assistant speeds the ingestion and evaluation of lengthy documents in seconds. It can also search the internet for documents such as SEC filings and answer questions on financials.

This is just a sampling of the support that  AI can bring to the role of the underwriter. With diligent human oversight and the underwriter’s judgment, sound use of AI has many use cases for improved efficiency and support in risk assessment.

The Evolving Role of the Underwriter

As the underwriter’s role continues to evolve, we are working closely with our partners, customers, and associations to identify new ways to support the needs of the market. For more information on the changing role of underwriters, you might find this editorial webinar on Carrier Management insightful, “The Evolving Role of the Underwriter,” sponsored by Cogitate.

Access Capgemini’s full report, World Property and Casualty Insurance Report, here.