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Automate, Optimize, Augment - The new science of underwriting
There are good reasons why underwriting processes have been slow to change: human intuition is indispensable, commercial exposures are diverse and no two risk profiles are the same.
While great underwriters are the jewel in an insurer’s operating performance, their finite capacity puts a drag on efficiency and growth, at a time when embattled insurance companies desperately need both.
The Squirro Underwriting Solution revolutionizes the underwriting process by using machine learning and AI to enhance the abilities of the underwriter, serving insights and creating efficiencies that dramatically speed up their work, saving hours on each submission and sharpening an insurer’s competitive edge. Allowing them to automate the repetitive low value work and focus more time and energy where it makes the most difference.
Some relevant KPIs to take into account:
Data-driven financial institutions
The insight gained from the Squirro’s solution is significantly deeper than can be achieved from structured data analysis.”
The best feature is Squirro's ability to query unstructured data as well as structured data from multiple sources.”
Commercial Underwriting Solution
Squirro provides commercial underwriting professionals with the right insights and recommendations at the right moment in the context of their work – automatically. Our Underwriting Solution is the Smart Assistant for the insurance world. It combines the power of AI with the imagination, intuition and intelligence of humans and provides a natural user-interaction that doesn’t require expert skills.
With pre-configured connectors to the most relevant data sources and over 50 pre-trained ML & AI models related to corporate events, people, risks, financial information or financial markets, our Solution delivers value from day one..
Don’t leave money on the table and let Squirro unlock the power within your workforce.
Combining industry and technical know-how
Our Augmented Intelligence solutions for Reinsurance and Commercial Underwriting are a result of a joint-effort and teamwork with our partner Synpulse.
Synpulse is a leading company in value creation from business to IT in the financial services industry, with a proven expertise and know-how in insurance.
By utilizing Squirro's Insights Engine, the Reinsurance and Commercial Underwriting solutions leverage AI and machine learning to allow underwriters to focus on the most critical risks associated with each submission and to support them in the underwriting process, speeding up the submission handling.
Commercial Underwriting Solution
Automate the automatable
View all relevant documents and information in one dashboard. Automatic extraction of key attributes and numbers from submission documents lets underwriters focus on high-value activities like evaluating critical risks.
Go to the heart of the matter
We guide underwriters directly to the most recent relevant documents. Key attribute extraction helps them verify the adapted exposure. Natural language processing detects critical clauses, making light work of lengthy and complex documents.
Intuitive deal, account and market cockpit
A 360° cockpit for sales and technical underwriters monitors exposure and capacity allocation across key risks, business units and markets.
Impact in Commercial Underwriting
- Deal origination
- Counter party recommendations
- Relationship map
- Pitch Insights
- 360° client cockpit
- Improve profitability and efficiency
- Increase revenue and uncover hidden deals
- Strengthen client relationships
- Get quicker client and market insights
- Reduce time to analyze data
- Average 2 hours time-saving per submission
- Reduction of missed risk factors
- > 95% accuracy of Models
- Improved ROI on premium data
- Increased adoption rate of CRM system cockpit