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CASE STUDY
Implemented GenAI to Drive 70% Reduction in Underwriting Cycle Time for Global Insurance Company
Challenge
A global insurance company experienced underwriting inefficiency due to lengthy cycle times and inconsistent processes, and wanted to launch a GenAI-driven tool to streamline data entry and support underwriters.
The company needed help aligning business and development teams to define key features and lay the foundation for expansion.
Approach
- Partnered with stakeholders to prioritize functional requirements and process by virtue of implementing the GenAI tool while adhering to regulatory compliance
- Identified technical specifications of implementation, including system architecture and integration with existing systems
- Implemented change management plan to ensure smooth adoption and maximum impact of tool
- Led testing with end-users to validate the tool meets their needs and functions as intended
Results
I.
Reduced cost and cycle time of underwriting case creation by 70%
II.
Increased review per submission ratio to 100%, enabling improved and consistent underwriting quality by ensuring a complete, in-depth review of all submissions
III.
Decreased time-to-quote and improved submission-to-bind ratio for underwriters
Results
I.
Reduced cost and cycle time of underwriting case creation by 70%
II.
Increased review per submission ratio to 100%, enabling improved and consistent underwriting quality by ensuring a complete, in-depth review of all submissions
III.
Decreased time-to-quote and improved submission-to-bind ratio for underwriters
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