The Challenge

In a highly competitive and regulated insurance market, precision, speed, and adaptability are essential. However, the FurtherAI customer in this case study, an insurer, faced challenges with two critical processes:

Policy Checks: 

Ensuring compliance and consistency across quotes, binders, and issued policies while extracting accurate data for underwriting excess insurance.

Policy Comparisons: 

Analyzing nuanced differences in coverage, exclusions, and endorsements between competing policies, a traditionally time-consuming and error-prone task.

To address these business critical challenges,  FurtherAI’s insurer customer needed a solution that could:

• Automate data extraction from complex insurance documents;
• Perform detailed comparisons of policy terms and conditions at scale; and
• Quickly adapt to competitor policy changes and regulatory requirements.

The Solution: FurtherAI’s Policy Check and Compare AI

FurtherAI’s Policy Check & Compare AI solution delivered cutting-edge capabilities, addressing the insurer’s needs in two critical areas:

>20x Faster Policy Check

• Automated Data Extraction
  ‍Extracts field values from quotes, binders, and policy documents with near-perfect accuracy, delivering results 20 times faster than manual processes.
• Compliance Validation
  ‍Ensures alignment across all policy documents to meet regulatory and internal standards.
• Excess Insurance Underwriting
  ‍Facilitates high-speed extraction of primary policy data, enabling precise underwriting decisions for excess layers.

>30x Faster  Policy Compare  

• Accelerated Reviews
  ‍Delivers side-by-side policy comparisons 30 times faster than manual efforts with equal or superior accuracy.
• Comprehensive Analysis
  ‍Compares coverage breadth, terms, exclusions, and endorsements, factoring in the full policy packet, including base forms and conditional endorsements.
• Holistic Coverage Insights
  ‍Identifies nuanced “give-back” endorsements that restore portions of coverage excluded in base policies.

Business Value Delivered

95%+ Gain in Operational Efficiency

• Automated processes reduced manual review times by up to 95%.
• Freed underwriters to focus on strategic tasks rather than data entry.

Enhanced Market Competitiveness

• Real-Time Insights: Monitored competitor filings from public sources like SERFF, enabling rapid responses to market changes.
• Faster Product Updates: Accelerated the release of new endorsements and policy forms, ensuring a competitive edge.

Improved Decision-Making

• Broker Support
  ‍Provided brokers with detailed side-by-side policy comparisons to address client inquiries and highlight competitive advantages.
• Product Innovation
  ‍Enabled swift analysis of new endorsements and market iterations, aligning actuarial models and underwriting guidelines with market trends.

400% ROI +

FurtherAI’s solution delivered transformative results:

• 400% ROI within months of implementation.
• Significant reductions in operational bottlenecks and manual processing errors.
• Improved underwriting efficiency and accuracy, enabling better risk assessment and pricing.
• Accelerated policy form updates and competitive positioning.

Real-World Impact

By adopting FurtherAI’s Policy Check & Compare AI solution, the insurer achieved:

• Streamlined Policy Management
  ‍Automated processes enhanced accuracy and speed across policy checks and comparisons.

• Market Leadership
  ‍Real-time competitive analysis ensured the insurer stayed ahead in policy innovation and responsiveness.
• Operational Excellence
  ‍Teams were empowered to focus on high-value activities, improving overall productivity and outcomes.

Bottom Line

FurtherAI’s technology enabled the insurer to redefine how policies are managed, compared, and iterated, setting a new standard for efficiency and competitiveness in the insurance industry.