GenAI enabling underwriters to make better decisions with higher accuracy at speed
Gen Al assistant talks to customer/agents - fetches all information
Creation of knowledge Assistant Bots
Extracts relevant data to create documents in a structured format
GenAI
GenAI
Ai Flucin
Ai Flucin
Premium estimation
UW guidelines
Other 3rd party data
Public data scraping
GenAI integrated with risk assessment model GenAI integrates with other existing solutions to accept/reject/refer quotes with a priority order to the UW GenAI interacts with multiple tools in silo to do initial risk assessment and quote generation for simple tasks
GenAI integrates with other existing solutions to prioritize the list of quotes
GenAI
GenAI
Sees a list of prioritised quotes which have been declined, accepted & referred for review
Underwriter logs into the Underwriting portal
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UW chats with Gen Al to understand reasons of referral & impact on overall BOB
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UW sees One Stop View of all possible risk attributes: An integrated view of summary documents, insurers risk appetite, Extract premium limit & deductible guidance, information extracted from aerial image of property (overhanging, tree, square footage, etc.), etc.
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Picks highest priority quote sent for UW referral
UW picks accepted/ rejected quotes from prioritised list provided by GenAI assistant
GenAI
GenAI
Premium estimation UW guidelines Other 3rd party data Public data scraping
Gen Al evaluates inputs on errors & documents it
UW asks GEN Al about auto-decision making for D/A/R? - If any discrepancy, asks to document it & learn from errors
GenAI
Gen Al interacts with multiple tools in silo to help UWs do better & faster risk assessment
GenAI
GenAI
Gen Al integrated with risk assessment model
Gen Al creates a policy draft in case of a complex policy
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Gen Al will fetch policy from automated system case of standard policy
In case of quote acceptance, asks GenAI to draft policy papers and Validate by UW before sending it to insured / stakeholders
GenAI
Policy draft
Gen Al documents each policy decision & maintains a record of it
GenAI
GenAI Team
Fig 6. Process without GenAI help and STP workflows in place
Using the power of GenAI, the underwriter journey undergoes a transformation: data analysis is streamlined, processes are automated, and risk assessment is enhanced, leading to more informed decision-making. GenAI empowers underwriters to handle complex commercial risks efficiently, optimize pricing, and deliver superior underwriting services in the competitive commercial insurance market.
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