Insly, a leading provider of low-code software solutions for the insurance sector, has launched FormFlow, its first AI-powered product.
The innovative tool is designed to streamline how managing general agents (MGAs) and insurers handle broker submissions, according to InsurTech Insights.
The introduction of FormFlow is a direct response to customer demand. Insly’s clients have highlighted inefficiencies in the broker submission process, which slows down quote generation and limits sales opportunities.
Insly specialises in delivering software solutions tailored to the insurance industry. The company’s offerings empower MGAs and insurers to enhance operational efficiency, optimise workflows, and drive business growth through cutting-edge technologies.
FormFlow eliminates traditional bottlenecks in the MGA-insurer-broker workflow by automating the data capture and processing of broker submissions. Brokers can submit risk details in any format, including PDFs, images, and handwritten notes. Using advanced AI, FormFlow extracts and maps this data to MGA and insurer templates, enriches it with third-party information, and ensures compliance with strict data security standards.
Insly estimates that FormFlow can increase quote processing rates from the current 30–50% to as high as 60–70%. When integrated with automated underwriting systems, this rate can reach 80–90%. The solution also cuts processing times from days to minutes and significantly improves data quality, enhancing underwriting outcomes by up to tenfold.
In addition to its standalone capabilities, FormFlow integrates seamlessly with existing IT systems, offering flexibility and further digitising customer information for MGAs and insurers. This makes it a versatile tool for organisations aiming to modernise their workflows and improve efficiency.
Risto Rossar, CEO and Founder of Insly, highlighted the importance of the new tool, saying, “MGAs and insurers are losing out on a significant volume of potential sales due to a data-processing challenge. Our Insly Innovation Lab has been researching and testing the best applications for AI in insurance processes, and this is an area where the technology delivers immense value.
“The tool we’ve created removes a huge cause of inefficiency, helping brokers and underwriters collaborate more effectively while aiding customers in finding the best coverage for their needs. We’re excited to implement FormFlow with both existing and new customers, empowering MGAs and insurers to maximize their broker relationships and accelerate sales.”
This groundbreaking product is set to redefine how broker submissions are managed, allowing the insurance industry to process higher volumes, improve collaboration, and boost overall sales performance.
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