It's impossible to ignore the profound ways in which technological innovation has permeated nearly every facet of our economy, especially as the pandemic forced businesses across every sector to adopt new tech as a means to stay operational. And yet there are vital aspects of business that have virtually stagnated despite the high-tech breakthroughs all around them. In insurance, it's easy to spot: the process for managing risk transfer still relies on technology better suited for the 20th Century. Every person involved in risk management, from brokers to carriers to in-house risk managers and insureds, is functioning in an environment that suggests the last two decades never happened. Their best technological options for managing insurance documents include spreadsheets, PDF files, and email--or worse, a fax machine.

Eliminate the need for red pens and yellow highlighters. Compare new policies to existing policies, binders and other documents on screen to verify and validate policy language, coverage, and endorsements to accelerate the quote-to-bind process. Leverage Data in downstream processes by deploying an AI solution that can extract, interpret and classify the data from unstructured insurance documents and automatically feed the data into other core systems to supporting other business processes and the ability to just do more. Today data re-keying can take 2 to 4 hours, with an AI solution purpose-built for commercial insurance this can be reduced to seconds. Significantly freeing up knowledge workers to focus on more strategic initiatives and accelerating downstream processes.