Leading InsurTech firm, Send Technology Solutions, widely recognised for its innovative solutions in the insurance industry, has announced the launch of its newest product, Smart Submission.
This latest addition to Send’s portfolio leverages the power of generative artificial intelligence (AI) to automate the submission process for underwriters, thereby saving time and enhancing win rates.
The launch of Smart Submission responds to a crucial challenge plaguing today’s underwriters—the overwhelming influx of unstructured submission data, often received via email.
At its core, Send is an InsurTech company that utilises state-of-the-art technology to deliver ground-breaking solutions aimed at transforming the insurance industry. The company’s focus on enhancing efficiency, reducing costs, and improving customer satisfaction has solidified its position as a leading player in the InsurTech sector.
Smart Submission stands out with its ability to swiftly extract data from any format using best-in-class data ingestion technologies and generative AI. It provides insurers with an integrated inbox where submissions are quickly ingested, classified, and triaged, thus enabling insurers to prioritise risks in their appetite more efficiently, thereby boosting submission-to-quote ratios.
Additional features of Smart Submission include data enrichment, which offers underwriters more detailed risk information, a triage board for automatic task allocation for review, and risk creation capability that can feed into Send’s Underwriting Workbench or customers’ existing platforms.
Send CEO, Andy Moss, said: “Underwriters are under increased pressure to write profitable risk. But they struggle to do this whilst they’re battling submission chaos and multiple admin-heavy systems that require manual extraction and re-entry of risk data. It is one of the single biggest pain points facing our insurer and MGA customers writing commercial and specialty business. Smart Submission will not only speed up the ingestion process but will help them to greatly improve underwriting performance.”
In addition to being available as a standalone product, Smart Submission can also be utilised as part of Send’s Underwriting Workbench, a comprehensive underwriting platform that consolidates submission triage, quote management, task workflow, audit and compliance, rating, and MI reporting into one streamlined platform. The Underwriting Workbench aims to unburden underwriters from dealing with submission chaos and siloed data, allowing them more time to select the best risks and cultivate relationships.
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