Managing insurance submissions is a challenging and time-consuming aspect of the underwriting process. IntellectAI has released a new whitepaper outlining how its Magic Submission solution can transform this entire process.
Insurers, brokers, agents, and managing general agents (MGAs) deal with an overwhelming number of submissions daily, from structured ACORD forms to unstructured documents such as emails, broker specifications, and supplemental applications. Processing these manually is not only slow and costly but also prone to errors, with underwriters spending up to 45 minutes reviewing a single submission. These inefficiencies can lead to missed details, poor risk selection, and reduced profitability.
Enter Magic Submission, a cutting-edge AI-powered platform that automates submission management with over 95% accuracy. The platform transforms how submissions are processed by handling various document types in seconds, significantly reducing the time and cost of operations. Key benefits include faster underwriting, better risk selection, improved broker and agent relations, and enhanced regulatory compliance.
Designed to address the complexities of modern insurance submissions, Magic Submission combines advanced large language models (LLM), artificial intelligence (AI), and machine learning (ML) to intelligently analyse and process documents. It extracts critical data, normalises it across multiple sources, and delivers a unified dataset, enabling underwriters to make more informed decisions with minimal risk of human error.
For carriers and MGAs operating in competitive markets, such as excess and surplus (E&S) lines or multiline policies, Magic Submission offers a vital edge. By automating the submission process, it allows underwriters to focus on core competencies like risk assessment and pricing, rather than being bogged down by manual document handling. This efficiency helps insurers respond faster to brokers and agents, increasing their chances of winning business.
The platform also supports better decision-making by providing accurate and cohesive submission data, enabling optimised pricing strategies and more precise risk assessments. With its ability to handle higher submission volumes, Magic Submission transforms what was once a laborious task into a strategic advantage, driving superior outcomes across the insurance value chain.
As the insurance industry continues to grapple with growing complexity and competition, solutions like Magic Submission demonstrate how technology can streamline processes, reduce costs, and improve overall business performance.
Download the free whitepaper here.
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