Solution overview

Our approach to overcoming underwriting challenges leverages generative AI (GenAI) to:

•Extract and organize information from multiple document formats (e.g., ACORD forms, emails, loss runs) into a consumable structure.

•Enable an underwriter to identify and fill in missing critical information during the submission process.

•Provide underwriters with a conversational chatbot-enabled cognitive Q&A platform, delivering valuable guidance and answers to their queries on individual risks, appetite and authority.

•Integrate with predictive AI/ML models for enhanced risk assessment and seamless straight-through processing (STP).

Solution benefits

•Enhanced decision-making through GenAI-derived insights for better risk assessment and faster premium calculation.

•Efficiency boost of 30%-40% via automation of routine underwriting tasks, providing increased bandwidth.

•Significant cost savings through automation and improved accuracy.

•Reduction in manual underwriting assessments, leading to further efficiency.

•Reduction in out-of-appetite business written due to ability to effectively manage appetite and authority.

Revolutionizing underwriting with GenAIEY Global

Revolutionizing underwriting with GenAI

EY Global

Revolutionizing underwriting with GenAI

EY Global

Revolutionizing underwriting with GenAI
EY Global