Underwriting automation & submission treaty
>Underwriting automation & submission treaty
Augment your experts and be among the winners in reinsurance
The search for new global markets, a wave of natural catastrophes and uncertain economic conditions might easily keep reinsurance companies’ eyes fixed on the outside world.
But internally, legacy technology systems, a dependency on brokers for leads and the laborious business of underwriting also represent costly headaches and competitive risks.
In a time of stark challenges, some reinsurers will inevitably lose their way. The winners will be the ones that balance the potential of technology with a fully utilized and optimized workforce.
Squirro’s Reinsurance Solution can’t change the world around us, but it can shave tens to hundreds of hours from the underwriting process by leveraging Augmented Intelligence to drastically enhance the speed and efficiency of underwriters. And it can help to break the broker habit by managing large volumes of data to identify catalysts for lead generation.
Some relevant KPIs to take into account:
of companies say that
data-driven decision-making is important to the growth of their business
Source: Super Office
Data-driven insurance 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.”
Squirro Reinsurance Solution
Squirro provides Reinsurance professionals with the right insights and recommendations at the right moment in the context of their work - automatically.
Our Reinsurance solution is a Smart Assistant for the financial services 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 more than 50 pre-trained ML and AI models relating to corporate events, people, risks, financial information and financial markets, our solution delivers value from day one.
Don’t lose out on any deal. Let Squirro uncover triggers ahead of your competition. Unlock the power of your data today.
Combining industry and technical know-how
Our Augmented Intelligence solutions for Reinsurance and Commercial Underwriting are the result of a joint effort 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, allowing underwriters to focus on the critical risks associated with each submission, supporting them in the underwriting process and dramatically speeding up submission handling.
Squirro Reinsurance 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 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 understanding 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 Reinsurance
- 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
- Find potential deals up to six months ahead
- > 50 deals uncovered in first 30 days
- > 95% accuracy of models
- Improved ROI on premium data
- Increased adoption rate of CRM system cockpit