Squirro Reinsurance Application

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Underwriting Automation & Submission Treaty Management

Improve growth and profitability while increasing the efficiency of the underwriting processing chain

Underwriting in the reinsurance industry is a highly complex process. But with underwriter capacity being a scarce resource, the implementation of intelligent technology to optimize and automate the submission process is key to your business.

Our reinsurance application is specifically designed for underwriters to support them in the underwriting process and speed up submission handling. By using sophisticated algorithms tailored to the submission process in reinsurance, the Squirro reinsurance application allows underwriters to focus on the most critical risks associated with each submission.

Check out how the Reinsurance App works.

Application Outcomes:

1.

Underwriting Automation

Underwriting is a manual, time-consuming process that requires significant resources and relies heavily on the responsiveness and judgment of the brokers and underwriters. In addition, getting to the right resources to evaluate the potential exposure and checking for available capacity for key perils takes time. For many firms, the current triage process is still characterized by a misalignment of activities and skillsets as experienced underwriters spend time on routine preparation tasks. By automatically providing the underwriter with all relevant documents and information related to the cedent and contract on one dashboard, Squirro enables underwriters to focus their attention on evaluating the critical risks associated with each submission. Furthermore, Squirro can extract key attributes from submission documents and provide a comprehensive view of the key numbers that steer the business decision of the underwriters.

2.

Submission Renewal Management

When a reinsurance treaty must be renewed, it is critical for underwriters to focus on the key numbers and clauses in each wording. The Squirro Reinsurance Application guides the underwriter directly to the most recent documents that are critical to renew the submission for a specific client and contract. As a result, the underwriter can directly start to adapt the right documents and be assisted by Squirro’s key attribute extraction to verify the adapted exposure. In a next step, Squirro’s natural language understanding capabilities allow underwriters to ensure that critical clauses are present. By using pre-trained models, Squirro is able to detect specific clauses such as particular exclusion clauses or customer-specific commission agreements. With underwriting wordings being lengthy documents that are passed through many stages prior to signing, it is critical for your business to guarantee that all required clauses are retained.

3.

Deal, Account, & Market Cockpits

Besides supporting technical underwriters, Squirro provides a comprehensive account and market cockpit for Sales or Technical underwriters to monitor exposure and capacity allocation across key risks, business units, and markets. Squirro provides you with exposure and market-relevant insights that reveal enhanced risk insights of every cedent. 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.

BenefitsPortofolio ManagerRisk 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
Achieve early triage by automated risk detection and available capacity classification
Reduce time to analyze deployed capacity and exposure
Verify if key clauses are present in wording

Augmented Intelligence Model for Reinsurance

Highlights

Automated and improved underwriting process

Shorter turnaround time of submissions

Improved risk assessment

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

Achieve early triage by automated risk detection and available capacity classification

Reducte time to analyze deployed capacity and exposure

Verify if key clauses are present in wording

But why don’t you find out yourself?

Topic Expert

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