This post is part of a series sponsored by Selectsys.
In the fast-paced world of insurance, efficiency and accuracy are paramount. For MGAs, wholesalers, and carriers, managing the complexities of underwriting, quoting, and data extraction can be overwhelming, especially when dealing with outdated systems and manual processes. To address these challenges, SelectsysTech offers three cutting-edge solutions: the Rate, Quote & Bind (RQB) Platform, AI OCR Bridge, and Underwriter Link. Together, these technologies create a powerful ecosystem that transforms insurance operations, streamlining workflows, enhancing productivity, and improving accuracy.
Modernizing Rate, Quote & Bind Processes with RQB
One of the biggest hurdles in the insurance industry is the reliance on legacy rating platforms and Excel-based systems. These outdated tools often lead to restricted data access, cumbersome maintenance, and inefficient distribution. The RQB Platform by SelectsysTech offers a transformative solution to these challenges.
Hosted on AZURE with auto-scaling capability, the RQB Platform is an API-driven solution that prioritizes comprehensive data capture and transparency at every stage of the insurance process. It seamlessly integrates with Insurance Management Systems (IMS) and other core systems without requiring additional coding, making it easy to manage rating versions and facilitate smooth transitions across multiple rate updates. This modernized platform not only streamlines operations for carriers and MGAs but also enhances overall efficiency by ensuring that all relevant data is readily accessible and up-to-date.
Streamlining Data Extraction with AI OCR Bridge
Data extraction is a critical component of the insurance process, particularly when dealing with ACORD forms and other tailored documents. Traditionally, this has been a manual and error-prone task. SelectsysTech’s AI OCR Bridge offers a game-changing solution by automating the data extraction process.
Powered by advanced artificial intelligence, AI OCR Bridge efficiently extracts data from standardized ACORD forms as well as customized documents. This extracted data is then seamlessly transferred to any API-enabled IMS, policy administration systems, rating platforms, and digital quoting platforms. By eliminating the need for manual data entry, AI OCR Bridge significantly reduces the time and effort required for these tasks, while also minimizing errors and ensuring that data is accurately captured and integrated into the necessary systems.
AI OCR Bridge is specifically tailored for the Property and Casualty lines of business, making it an invaluable tool for carriers and MGAs looking to streamline their data management processes. Its ability to handle diverse forms and complex policy information ensures that underwriters have access to the most accurate and up-to-date data, which is crucial for making informed decisions.
Simplifying Underwriting with Underwriter Link
For underwriters, managing the quoting and binding process across multiple carriers can be a daunting task. Navigating different carrier websites, re-entering the same data, and manually managing documents can slow down productivity and increase the risk of errors. Underwriter Link by SelectsysTech is designed to address these challenges.
Underwriter Link provides a centralized platform where underwriters can quote and bind policies across multiple carriers from a single interface. This platform supports a wide array of lines of business, including General Liability, Workers’ Compensation, Property, Cyber, and more. By streamlining the quoting and binding process, Underwriter Link reduces repetitive data entry, minimizes errors, and enhances workflow efficiency.
The intuitive interface of Underwriter Link makes it easy for underwriters to navigate and manage their work, allowing them to focus on delivering exceptional service to their clients. With accelerated efficiency and seamless integration, Underwriter Link ensures that underwriters can quickly access quotes, bind policies, and manage documents—all in one place.
Case Study: Transforming Underwriting and Quoting with SelectsysTech’s Integrated Solutions
Background
An MGA specializing in commercial property and liability insurance was facing significant challenges in managing their underwriting and quoting processes. Their reliance on legacy systems and manual data entry was causing delays, errors, and inefficiencies. With a growing client base and increasing pressure to deliver faster turnaround times, the MGA needed a solution that could streamline their operations and improve accuracy.
Challenges
- Inefficient Rate, Quote, and Bind Process: The MGA was using outdated rating platforms that were difficult to maintain and did not integrate well with their other systems, leading to bottlenecks and delays.
- Manual Data Entry: The process of extracting data from ACORD forms and other documents was manual and prone to errors, resulting in inconsistencies and rework.
- Fragmented Underwriting Process: Underwriters had to navigate multiple carrier websites and manually enter the same data repeatedly, which slowed down the process and increased the risk of errors.
Solution
The MGA implemented SelectsysTech’s RQB Platform, AI OCR Bridge, and Underwriter Link to address these challenges. The RQB Platform modernized their rate, quote, and bind processes, integrating seamlessly with their existing IMS and ensuring smooth transitions across multiple rate updates. The AI OCR Bridge automated the data extraction process, eliminating manual entry and reducing errors. Finally, Underwriter Link provided a centralized platform for underwriters to manage quotes and policies across multiple carriers efficiently.
Results
- Increased Efficiency: The MGA saw a 40% reduction in the time required to generate quotes and bind policies, thanks to the streamlined processes enabled by the RQB Platform and Underwriter Link.
- Reduced Errors: The AI OCR Bridge significantly reduced data entry errors, improving the accuracy of their underwriting decisions and reducing the need for rework.
- Improved Customer Satisfaction: With faster turnaround times and more accurate quotes, the MGA was able to provide better service to their clients, leading to higher customer satisfaction and retention rates.
The Power of Integration
While each of these solutions—RQB Platform, AI OCR Bridge, and Underwriter Link—offers significant benefits on its own, the true power of SelectsysTech’s offerings lies in their integration. By combining these technologies, insurance carriers and MGAs can create a streamlined, efficient, and highly productive insurance operation.
The RQB Platform modernizes the rate, quote, and bind processes, ensuring that all data is captured and managed effectively. AI OCR Bridge enhances data extraction, eliminating manual errors and ensuring that underwriters have access to accurate information. Underwriter Link simplifies the quoting and binding process, allowing underwriters to work more efficiently and focus on delivering value to their clients.
Together, these solutions transform the insurance landscape, providing a comprehensive, end-to-end solution that meets the demands of modern insurance operations. For MGAs, wholesalers, and carriers looking to enhance their efficiency, reduce complexity, and improve competitiveness, SelectsysTech’s integrated solutions offer the perfect answer.
Conclusion
By adopting SelectsysTech’s integrated solutions, the MGA was able to transform its operations, achieving greater efficiency, accuracy, and customer satisfaction. This case study highlights the tangible benefits of modernizing underwriting, quoting, and data management processes with advanced technology.
Visit our website at Selectsys.com for more insights, services and solutions.
Topics
Data Driven
Underwriting