Streamlining risk assessments in underwriting using Marvel.ai

What our customer encountered?

The insurer faced the following challenges in their underwriting department during meticulous and granular segmentation of risk analysis:  

Extensive external data handling challenges in risk segmentation: 

  • Handling large volume of external data for customer-specific risk analysis. 
  • Manual extraction of granular unstructured data causes complications in data verification, quality assurance, and re-work due to duplicate entries.  
  • Unavailability of comprehensive customer data, for future risk analysis 
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Other challenges

  • Lack of third-party data source integrations  
  • Cross-referencing multiple applications for review 
  • Involvement in non-core activities leading to avoidable delays. 

The challenges resulted in:

  • Lengthy underwriting process  
  • Unpredictability of fraudulent claims at an earlier stage 
  • Increased customer acquisition cost 
  • Substantial delay in policy issuance 
  • Unsatisfactory customer experience  

What our customer needed?

Intelligent document data extraction to speed up the underwriting process and improve their quote-to-bind ratio.  

The Solution

Marvel.ai – an intelligent document data processor has been introduced to extract critical information for underwriters’ review from various data sources, including emails, scanned and native PDFs, and financial documents.

Through advanced AI, ML, and NLP algorithms, it rapidly extracts and categorizes intricate data sets for analysis from extensive documents, delivering structured, ready-to-use data that unlock valuable insights in just minutes. 

What we delivered?

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92-95% accurate high-quality structured data 

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Automated data-driven insights for accurate and timely pricing

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Custom logic for duplicate entry prediction  

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Historical data reference repository for future reviews 

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End-to-end data processing automation with seamless integration capabilities 

Processing

Template less processing for faster data processing 

Benefits to the customer

80% elimination of manual efforts 

90% reduction in data processing time 

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Secure data collection and collation for effective predictive analysis 

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Increased underwriting productivity with speed and precision 

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Freeing up resources for high-value tasks 

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Quicker policy issuance, resulting in higher customer satisfaction  

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Return on investment within months  

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