Automated Underwriting

A top insurance firm used automation provided by Voyance ML to assess customers’ risk profile and identify the optimal prices to quote for the right insurance plan.

Insurance
Underwriting
Automated-Underwriting

Background

This insurance company needed a way to assess customers’ risk profile and identify the optimal prices before quoting for the right insurance plan.

Previously, this was done manually. Automating the process with ML- powered predictions, promised to decrease the manual process and reduce costs while improving customer satisfaction

Also, extracting data from unstructured sources was a long and difficult task that reduced the efficiency of the underwriting team.

They wanted to evolve into automated data extraction and transformation. That will mean decreased processing time, increased efficiency and more time for proper risk assessment. This was when they reached out to Voyance.

The Solution

Voyance ML was used to assess customers’ risk profile and identify the optimal prices to quote for the right insurance plan. This automation decreased the manual process and workflow in business operations and reduced costs while improving customer satisfaction.

Manual claims processing tasks such as reviewing, investigation, remittance or denial were augmented with an automated process using our platform. With document processing capabilities, they were able to process huge volumes of claims and also detect fraudulent claims.

The Results

They increased profitability due to more accurate customer pricing and reduced fraudulent claims.

This insurance firm also started performing better risk detection and accuracy during underwriting.

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