AI-Driven Underwriting Intake Process: Streamlining New Submissions

In today’s fast-paced insurance environment, the underwriting intake process for new submissions is increasingly AI-driven, optimizing workflows, reducing manual effort, and ensuring that underwriters can respond to client needs efficiently. This AI-powered approach transforms the way submissions are received, processed, and managed by underwriting (UW) teams, enabling seamless coordination between junior and senior underwriters and rapid responses to agents and brokers.

1. Channels for New Submissions

New submissions come through multiple channels, primarily via email and online portals:

• Email: Agents or brokers often submit applications by emailing key documentation directly to the underwriting team or a designated inbox.
• Portal: Many insurers offer online submission portals where brokers and agents can upload application documents, enter client details, and track the submission’s status in real-time. These portals provide a more structured intake channel.

2. Types of Documents Involved in New Submissions

Each new submission typically includes a variety of documents that underwriters need to assess risk and determine policy terms. Key documents include:

• Application Forms: The primary form containing applicant details, coverage requested, and other vital information.
• Financial Statements: For commercial policies, financial records like balance sheets and income statements help underwriters assess financial stability.
• Claims History: Details of past claims provide insight into potential risk exposure and influence premium calculation.
• Supporting Documents: Certificates, licenses, or permits specific to the business operations of the insured party.
• Questionnaires: For specialized coverage, brokers submit completed questionnaires about specific risk factors (e.g., cybersecurity protocols for cyber insurance).

3. Underwriting Workstation Portal Panels

In an AI-enhanced underwriting workstation, various panels organize and display information to streamline submission processing. Here’s a look at key panels and their functionality:

• Submission Overview Panel: Displays all incoming submissions, with summaries like submission ID, policy type, submission date, and priority status.
• Emails Panel: Centralizes all email communications related to the submission, accessible directly within the workstation. This panel links related email threads to specific submissions.
• Documents Panel: Stores all submission-related documents (e.g., applications, claims history), which are automatically tagged and categorized by AI.
• Notes and Comments Panel: Underwriters can add comments, tag other team members, and document any significant decisions or follow-up requirements.
• Work Queue Panel: This AI-driven work queue prioritizes submissions, displays pending tasks, and assigns submissions based on workload, ensuring that high-priority cases are handled promptly.

4. Policy ID Creation Process

When a new submission is received, the underwriting workstation generates a unique policy ID to track the submission throughout its lifecycle. AI automates much of this process, verifying information and checking for duplicate submissions:

• Initial Screening: AI scans incoming documents to confirm essential information, such as client name, requested coverage, and broker details.
• ID Generation: Once verified, the workstation generates a policy ID, linking all documents, communications, and notes to this unique identifier.
• Automated Data Entry: The policy ID is assigned in the system, creating a profile with all associated submission details. This allows underwriters to reference, review, and process the policy efficiently.

5. Expediting Submissions: Normal vs. Rush/Priority Submissions

Not all submissions require the same level of urgency. The underwriting workstation can classify submissions based on urgency, assigning normal or rush priority status:

• Normal Submissions: AI organizes these in the work queue based on submission date and other standard criteria, and they are processed in order.
• Rush/Priority Submissions: AI identifies priority cases (e.g., submissions with high-value coverage or those marked as urgent by the broker). These submissions are moved to the top of the work queue, and senior underwriters are notified.

The priority status enables underwriters to focus on high-importance cases, ensuring they’re reviewed and processed promptly.

6. Coordination Between Junior and Senior Underwriters

Effective coordination between junior and senior underwriters is essential for managing new submissions efficiently:

• Junior Underwriters: Handle initial intake tasks, such as basic document verification, data entry, and risk assessment. They flag cases for senior review when additional expertise is required.
• Senior Underwriters: Review complex or high-value submissions, provide final approval, and set pricing. They may also review cases escalated by junior underwriters or answer their questions.
• AI-Powered Notifications: The workstation’s notification system enables seamless communication, notifying senior underwriters when junior team members require support or when urgent cases are escalated.

7. AI-Powered Information Extraction and UI Display

AI-driven document processing automates much of the manual data extraction involved in underwriting:

• Automated Data Extraction: AI extracts information such as applicant details, policy type, and claims history from emails and attachments.
• Display on UI: Extracted data is then displayed within the workstation, populating fields automatically on the submission’s profile, allowing underwriters to quickly review key information without manually opening each document.
• Data Verification: AI cross-references extracted data with known data points (e.g., matching applicant name with previous records) to flag discrepancies or missing data, further streamlining the review process.

8. Monitoring Multiple Inboxes and Managing Workflows

The AI-enhanced workstation monitors multiple email inboxes, tracking incoming submissions and managing them systematically:

• Inbox Monitoring: AI bots scan designated inboxes for new submissions, auto-sorting emails based on content, sender, and urgency.
• Automated Workflow Initiation: When a submission is detected, the system initiates the intake workflow, categorizing the submission in the work queue and tagging documents.
• Missing Information Identification: AI flags missing information, such as incomplete application forms or missing supporting documents, and triggers automated responses to the broker requesting the necessary information.

9. AI/Bots for Information Extraction, Storage, and Status Updates

AI and bots are essential for streamlining data extraction and organizing submission information, ensuring accuracy and efficiency:

• Information Extraction: AI-powered bots extract key information from emails, documents, and attachments, automatically storing it within the workstation’s database. This reduces manual data entry and minimizes errors.
• Status Updates: Once AI has processed and stored the submission details, the system automatically updates the submission status to “Ready for Review” or “Pending Additional Information.”
• Automated Notification to Policy Team: When submissions reach specific statuses, the workstation sends notifications to the policy team for review or approval.

Example Workflow: AI-Driven Underwriting Intake for New Submission

1. Submission Receipt: A new submission arrives via email. AI detects the submission in the inbox and initiates the intake workflow.
2. Document Processing: AI extracts applicant details, coverage type, and key data from the application form and supporting documents. Missing data is flagged, and the system sends an automated request to the broker for additional information.
3. Policy ID Creation: Once all required data is confirmed, AI generates a policy ID and links it to the submission profile.
4. Queue Placement: AI prioritizes the submission in the work queue. If marked as a rush, it’s flagged for immediate attention by a senior underwriter.
5. Review by Underwriter: The assigned underwriter reviews the submission in the workstation, where extracted data and attached documents are readily accessible in organized panels.
6. Final Approval: Senior underwriters review complex cases or provide final sign-off. The workstation updates the submission status and notifies the broker once the policy is approved or under further review.

Conclusion

The AI-driven underwriting intake process brings significant efficiencies to new submissions, ensuring accuracy, speed, and a seamless workflow. By automating information extraction, managing document organization, and prioritizing submissions based on urgency, the AI-powered underwriting workstation enables underwriters to focus on high-value tasks, improving both productivity and client satisfaction.