Squirro Commercial Underwriting Application

Do more.
Automate & Optimize Your Underwriting Process

Enable more efficient submission handling, prioritization, and triaging to improve your underwriting processing chain

Commercial underwriting has always been inefficient and time-consuming, so bringing in an Augmented Intelligence solution like Squirro can be a game changer for any insurance company.

By using sophisticated algorithms tailored to the submission process in commercial underwriting, Squirro manages and analyzes incoming submission based on insights gained from previous submissions, risk policies, and contracts.

Check out how the Commercial Underwriting App works.

Application Outcomes:

1.

Underwriting Analysis & Management

Underwriters need a better way to prioritize the submissions that have the highest probability to be written while also being profitable. Squirro Commercial Underwriting application optimizes the underwriting process and achieves faster turnaround times of between 2-3 hours by automatically analyzing incoming submissions and related data (previous submissions, related risk analysis, similar wordings, etc.). As a result, Squirro provides insights on covered risks, estimated premium and profitability, underwriting effort and cross-selling opportunities. By surfacing these insights on a comprehensive dashboard, Squirro enables underwriters to increase their processing capacity, optimize the profitability and achieve a more accurate evaluation and pricing. Applying this analytic technology ensures that the decisioning process is faster and more transparent therefore making underwriters more efficient and providing a competitive advantage.

2.

Submission Renewal Automation

With underwriter capacity being a scarce resource and submission renewal requiring a significant time investment, the optimization and automation of the submission renewal process is critical for any insurance company. By combining all relevant data of a specific client and contract in one place, Squirro helps underwriters to focus on the analysis of the most critical risks associated with each renewal, instead of wasting time on routine preparation tasks and searching through different folders. As a result, the underwriter can access all relevant information directly from a client-specific dashboard and is assisted by Squirro’s clause recognition and key attribute extraction technology to speed up the renewal process. By using natural language understanding, Squirro also supports the technical underwriter to verify that the critical clauses for the respective specialty lines are present in the wordings.

3.

Deal, Account, & Market Cockpits

Besides supporting underwriters, Squirro provides an exhaustive account and market cockpit for account and client managers, allowing them to monitor exposure and capacity allocation across specialty lines, business units, and markets. Portfolio steering units and risk managers benefit from Squirro’s comprehensive risk dashboards by being able to compare deployed capacities against portfolio risk tolerance and take actions if needed.

BenefitsAccount ManagerClient ManagerTechnical UnderwriterUnderwriter
Optimize the underwriting process
Save 2-3 hours per submission
Monitor exposure vs. portfolio risk tolerance
All cedent-related information in one place
More efficient submission renewal process
Verify if required peril-specific clauses are present in wordings
Save hundreds of hours of research

Highlights

Automated and improved underwriting process

Shorter turnaround time of submissions

More efficient risk classification and pricing

Clause recognition

Account Cockpit

Benefits

Optimize the underwriting process

Save 2-3 hours per submission

Monitor exposure vs. portfolio risk tolerance

All cedent-related information in one place

More efficient submission renewal process

Verify if required peril-specific clauses are present in wordings

Save hundreds of hours on research

But why don’t you find out yourself?

Resources

Insurance and the Power of Augmented Intelligence

Testimonials & Use Cases

Watch this video and learn how our customers are using Squirro in their business context

How the Insurance Industry benefits from AI-driven unstructured Data Analysis