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
Lead curation
Submission intake
Account clearance
Core underwriting
Decisioning and documentation support
What the Smart Underwriting Platform Offers
Leapfrog upgrade analyzer
- Submissions summarization (for easy consumption)
- Assistance for critical decision-making
- Single view of risk
- Cognitive risk intelligence
- Advanced risk visualization
- Real-time risk monitoring
- Adaptive underwriting workflow
Leapfrog upgrade analyzer
- Snowflake Data Cloud, Spectra, Refract, and Lumin by LTIMindtree FOSFOR (Data Commerce Suit)
- AI/ML-enabled automated nudges and insights from the book of business and third-party data within a few clicks
- NLP experience to derive ad-hoc portfolio and strategy insights
- Pre-built connectors for industry-leading ISV solutions like DuckCreek, Guidewire, Insurity, etc.
Functions and Features
Leapfrog upgrade analyzer
- 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
Leapfrog upgrade analyzer
- 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
Submissions summarization (for easy consumption)
Assistance for critical decision-making
Single view of risk
Cognitive risk intelligence
Advanced risk visualization
Real-time risk monitoring
Adaptive underwriting workflow
Snowflake Data Cloud, Spectra, Refract, and Lumin by LTIMindtree FOSFOR (Data Commerce Suit)
AI/ML-enabled automated nudges and insights from the book of business and third-party data within a few clicks
NLP experience to derive ad-hoc portfolio and strategy insights
Pre-built connectors for industry-leading ISV solutions like DuckCreek, Guidewire, Insurity, etc.
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
25% to 40% productivity savings with GenAI-powered submissions intake, clearance, and account/policy creation process.
Up to 2% improvement in combined ratio by prescriptive underwriting strategy recommendation, leading to strong governance of the underwriting process
3 to 5% premium growth with the recommendation of cross-sell and upsell opportunities
Ensuring pricing adequacy and improving accurate appreciation of risk by 30% with ‘what-if scenario’ analysis at the portfolio and policy level
