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 GenAI

by EY Global