https://store-images.s-microsoft.com/image/apps.61239.a37ead77-234e-4038-a82d-8b7ffc7027a3.20aaa32c-1f55-4ad9-bf32-3eb5b94a4122.53be65da-13b2-4055-b581-9974716c06b2

Revolutionizing underwriting with GenAI

by EY Global

Driving efficiency and accuracy for the modern underwriting organization

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.

At a glance

https://store-images.s-microsoft.com/image/apps.38222.a37ead77-234e-4038-a82d-8b7ffc7027a3.20aaa32c-1f55-4ad9-bf32-3eb5b94a4122.72184408-8b9d-43eb-adc4-ac3313291ce3
https://store-images.s-microsoft.com/image/apps.33546.a37ead77-234e-4038-a82d-8b7ffc7027a3.20aaa32c-1f55-4ad9-bf32-3eb5b94a4122.b8950eec-6fbf-4d59-8788-ca51ded19a71
https://store-images.s-microsoft.com/image/apps.43537.a37ead77-234e-4038-a82d-8b7ffc7027a3.20aaa32c-1f55-4ad9-bf32-3eb5b94a4122.1366afe1-f2ad-4148-9ba3-1dbd7420d65a
https://store-images.s-microsoft.com/image/apps.19071.a37ead77-234e-4038-a82d-8b7ffc7027a3.20aaa32c-1f55-4ad9-bf32-3eb5b94a4122.36a813e1-f68c-4c9e-9b3e-622cdeb5e392
https://store-images.s-microsoft.com/image/apps.24841.a37ead77-234e-4038-a82d-8b7ffc7027a3.20aaa32c-1f55-4ad9-bf32-3eb5b94a4122.aa4a4b05-69cd-4595-8d55-c9c0dc125107