Today, commercial lines insurance carriers are heavily reliant on human knowledge workers to manually read through submissions that come in from brokers to extract and analyze the data points needed to determine if it’s the right business to underwrite. It’s a messy, time-consuming, and labour-intensive process that takes days or even weeks.
With the emergence of artificial intelligence, machine learning, and natural language processing (NLP), commercial lines insurance carriers have powerful new capabilities to automate and standardize the submission intake process for both new and renewal business.
In this guide, we make the business case for AI-powered submission intake. We’ll also introduce Chisel AI’s Submission Triage solution purpose-built for commercial insurance and show you how it works.