How This Carrier Now Works 90% Faster When Writing Commercial Policies
Tier 2 US P&C Carrier
Improve the underwriting experience with faster data transfers and time-to-quote
FRISS Underwriting Insights
- ACORD Ingestion
Time savings increased by roughly 90%
Reducing turnaround time from hours to minutes
Decrease in misinformation
This US-based Tier 2 carrier writes personal and commercial lines, including mid-market commercial. With over $2B in premiums, they write across most states and industries, primarily through a network of independent agents. The company has existed for nearly a century, and their underwriting operations have admittedly not changed much over the last 50 years. Still, the carrier considers themselves eager to undertake innovation and knows they must employ the appropriate technologies across their operations in order to excel through their next 100 years.
In the increasingly digital age, speed-to-market is becoming a substantial driver for competitive carriers. This carrier writes primarily through independent agents, and the submission of ACORD forms is the main method for passing along information for quote requests. Tiresome forms, online portals and underwriting questionnaires, are a turn-off for agents and prospective clients who are more likely to do business with carriers that make these requests and data transmissions faster and easier.
Requesting, receiving and inputting the information needed to generate accurate underwriting decisions is tedious, with the average quote generally taking a frustrating seven days to complete.
Finding an optical character recognition (OCR) solution to translate ACORD form information became a top priority for this carrier, and opened the door to even more digital possibilities. Automated ACORD Ingestion would enable them to gain access to key policy request data more efficiently from their network of independent agents, who typically submit these forms in .pdf format. After comparing over a half-dozen solutions, this carrier decided to implement the ACORD Ingestion feature of FRISS Underwriting Insights.
This solved the immediate problem of scanning and digesting all key information from ACORD forms, but it was just the beginning. By digitizing this information, the carrier had instant access to key Underwriting Insights, provided through a proprietary system that verified, compared and presented information from thousands of reliable data sources. This information is now displayed in an easy-to-digest format to help the underwriting team make smart decisions.