Global Insurance Leader uses Generative AI Assistant to automate time consuming part of Underwriting Process
Client Overview:
Global Insurer wanted to leverage Generative AI to build an assistant for their Cyber Line of Business, which would automate risk assessment of the underwriting process and reduce underwriter turnaround times.
Business Challenges:
Client had a comprehensive risk assessment that underwriters were completing and reviewing manually for their Cyber LOB. Underwriters were facing challenges with completing all submissions and did not have visibility into which submissions were highest priority and least risky.
Solution:
XDuce developed an AI assistant to automate and speed up the review process based on the underwriter criteria. The AI assistant analyzes all incoming submissions and provides underwriters with an initial look at the submission’s completeness, appetite and risk control effectiveness. Assistant will also provide citations and justifications for the findings. The solution was implemented on Azure Cloud, leveraging React JS, .Net 6.0, Cosmos DB and Azure Open AI service.
Project Layout
TECHNOLOGIES
TECHNOLOGIES
Business Benefits:
- Improved underwriter experience and productivity
- Better visibility into the process–dashboard that prioritizes submissions based on need by date and risk controls, which allows underwriter to focus on higher priority submissions that have less risk.
- Underwriter turnaround time was improved by an estimated 30-40%
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