Agentic AI Powered Insurance Underwriting

Agentic AI-driven Submission Intake Process for Underwriting in Insurance

A Deloitte-Built Multi-Agent AI Framework for Streamlined Insurance Submission Intake

The Agentic AI-driven Submission Intake Process for Underwriting is a Deloitte-built, next-generation solution designed to help transform the traditionally manual and time-consuming insurance submission intake process. By leveraging a multi-agent, Generative AI framework, this solution is designed to assist insurance companies to automate the ingestion, extraction, validation, and formatting of incoming submission documents accelerating underwriting workflows and improving data quality.

Solution Overview

The framework employs a suite of 4 specialized agents, including the Supervisor Agent, SOV (Statement of Values) Agent, Loss Run Agent, and Accord Agent. These agents work collaboratively to handle a variety of submission types and user requests so incoming data is processed efficiently and accurately. The system is designed to seamlessly ingest documents received via email or submission portals, including ACORD forms, SOVs, Loss Runs, and other insurance-related documents.

Key Features

Automated Document Ingestion: Accepts insurance submission documents through submission portal, supporting a wide range of standard industry forms.

Multi-Agent Collaboration: Specialized agents (SOV, Loss Run, Accord) autonomously process and extract relevant data from each document type, to determine comprehensive coverage and accuracy.

Advanced Data Extraction: Utilizes state-of-the-art AI and natural language processing (NLP) to extract structured data from unstructured and semi-structured documents, minimizing manual data entry.

Business Rule & Compliance Validation: Extracted data is automatically checked against predefined business rules and compliance requirements, reducing errors and confirming regulatory adherence.

Standardized Output Formatting: Refined data is formatted to meet the acceptable standards and requirements of Policy Administration Systems, enabling efficient downstream integration.

Continuous Learning & Improvement: The AI agents learn from user feedback and evolving business rules, continuously improving extraction accuracy and process efficiency.

Inputs

User Submissions: Insurance data uploaded via submission portal, including various forms such as ACORD, SOV, and Loss Run documents.

Outputs

Policy Admin System-Ready Data: Extracted and validated data is delivered in standardized formats compatible with Policy Administration Systems, ready for use in underwriting and policy issuance.

Compliance-Checked Submissions: All data is automatically validated against business and regulatory requirements, reducing the risk of non-compliance and rework.

Benefits

Increased Efficiency: Automates labor-intensive tasks, significantly reducing the time and effort required for submission intake and data entry.

Enhanced Data Quality: AI-driven extraction and validation minimize errors and inconsistencies, providing high-quality data for underwriting decisions.

Faster Underwriting: Accelerates the intake-to-underwriting process, enabling insurers to respond more quickly to new business opportunities.

Scalability: Handles large volumes of submissions without additional manual resources, supporting business growth and peak periods.

Regulatory Compliance: Built-in validation against business rules and compliance standards to help underwriters meet all necessary requirements.

Typical Users

Insurance Companies: Underwriting teams, operations staff, and policy administrators seeking to modernize and streamline their submission intake processes.

Use Cases

Commercial and Personal Lines Underwriting: Automate the intake of submissions for various insurance products, including property, casualty, and specialty lines.

Broker and Agent Submissions: Efficiently process high volumes of submissions from brokers and agents, reducing turnaround time and manual workload.

Policy Renewal Processing: Streamline the intake and validation of renewal documents, facilitating timely and accurate policy renewals.

This professional service utilizes Amazon Bedrock, Bedrock Agents, Strands Agents, Lambda and OpenSearch.