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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

Lead curation

Submission intake

Submission intake

Account clearance

Account clearance

Core underwriting

Core underwriting

Decisioning and documentation support

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

What the Smart Underwriting Platform offers

Submissions summarization (for easy consumption)

Submissions summarization (for easy consumption)

Assistance for critical decision-making

Assistance for critical decision-making

Single view of risk

Single view of risk

Cognitive risk intelligence

Cognitive risk intelligence

Advanced risk visualization

Advanced risk visualization

Real-time risk monitoring

Real-time risk monitoring

Adaptive underwriting workflow

Adaptive underwriting workflow

Snowflake Data Cloud, <a href="https://www.fosfor.com/data-designer/" target="_blank">Spectra</a>, <a href="https://www.fosfor.com/insight-designer/" target="_blank">Refract</a>, and <a href="https://www.fosfor.com/decision-designer/" target="_blank">Lumin</a> by LTIMindtree <a href="https://www.fosfor.com/" target="_blank">FOSFOR</a> (Data Commerce Suit)

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

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

NLP experience to derive ad-hoc portfolio and strategy insights

Pre-built connectors for industry-leading ISV solutions like DuckCreek, Guidewire, Insurity, etc.

Pre-built connectors for industry-leading ISV solutions like DuckCreek, Guidewire, Insurity, etc.

Functions and Features

Real-time structured and unstructured documentation ingestion and summarization

Real-time structured and unstructured documentation ingestion and summarization

Automated aggregation of risk data across internal and external data sources

Automated aggregation of risk data across internal and external data sources

Underwriting decision support for account selection and risk analysis

Underwriting decision support for account selection and risk analysis

Real-time risk control by processing sensor data using analytical models

Real-time risk control by processing sensor data using analytical models

Cognitive risk intelligence with Gen AI-powered underwriting assistant

Cognitive risk intelligence with Gen AI-powered underwriting assistant

Risk quantification through scoring engines

Risk quantification through scoring engines

Risk & Performance (growth, loss) analytics (portfolio analysis) with LTIMindtree’s proprietary ‘9×9’ matrix

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)

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

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

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

Risk accumulation management for multiple perils, regions, and lines of business

Underwriting performance management dashboard

Underwriting performance management dashboard

Case management for effective workflow management

Case management for effective workflow management

ACORD-based integration adaptors with core systems

ACORD-based integration adaptors with core systems

Business Benefits

25% to 40% productivity savings with GenAI-powered submissions intake, clearance, and account/policy creation process.

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

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

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

Ensuring pricing adequacy and improving accurate appreciation of risk by 30% with ‘what-if scenario’ analysis at the portfolio and policy level

20% savings in marketing spending with a 3X reduction in leads to conversion timelines.

20% savings in marketing spending with a 3X reduction in leads to conversion timelines.

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