The Challenge 

FurtherAI’s reinsurer customer partners with over 100 MGAs and, for each MGA, conducts annual audits to ensure compliance with mutually agreed upon underwriting and rating guidelines. 

However, this process is highly labor-intensive, consuming approximately 200 hours per MGA audit—with half of that time (100 hours) spent on manual data extraction and validation, leaving only half for expert analysis.   

The audit process involves:

• Random selection of 20 insured organizations per MGA.
• Reviewing application data, supporting documents, loss histories, quotes, and policy issuance records.
• Cross-referencing underwriting decisions against established guidelines to identify mismatches.
• Applying expert judgment to determine whether mismatches constitute breaches or are justifiable exceptions.

Reinsurers provide critical underwriting capacity to underwriting organizations (insurers, MGA’s, etc.) but this insurance and underwriting capacity is, naturally, conditioned upon the respective underwriter operating in compliance with mutually agreed-upon underwriting guidelines, rate rules, and submission, quote, and bind processes. 

The reinsurer needed to find a way to continue providing its critical underwriting capacity but also streamline the audit process without compromising its audit of compliance with mutually agreed-upon underwriting guidelines, rate rules, and submission, quote, and bind processes

The Solution 

FurtherAI Underwriting and Policy Audit

FurtherAI introduced an advanced AI-driven solution that automates the data extraction and validation phase of the underwriting audit. 

An AI Powered Audit Intake Platform

• Data Intake
  ‍Extracts, organizes, and enriches data from underwriting files, including applications, supporting documents, and policy records.

• Guideline Compare
  ‍Compares extracted data against each MGA’s underwriting and rating guidelines 
• Consumable Output
  ‍Produces a structured report that clearly identifies matches and mismatches, enabling underwriters to focus on expert judgment rather than manual data processing.

FurtherAI’s solution ensured business continuity:

• Consistency
  ‍Consistency across quotes, binders, and issued policies.
• Identification
  ‍Identification of coverage gaps, exclusions, and endorsement variations.
• Compliance
  ‍Compliance with evolving regulatory standards and competitor shifts.

FurtherAI’s Policy Audit AI solution automated the repetitive data extraction heavy portion of the audit process, while surfacing policy discrepancies, regulatory misalignments, and competitive insights with unparalleled speed and accuracy. 

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Results

45% Reduction in Audit Time

By automating the repetitive data extraction portion of the audit process, which previously consumed just under 50% of the time spent on any given audit, FurtherAI significantly improved audit efficiency, resulting in a 45% total reduction in audit time overall. 

The result was not only an immediate operational efficiency gain but also the ability to redirect those ~100 hours into higher-value activities across the organization.

• Overall audit duration cut from 200 hours to approximately 110 hours per MGA.
• Enhanced accuracy and consistency in identifying mismatches and compliance issues.
• Greater focus on expert analysis, allowing underwriters to dedicate more time to high-value decision-making.

Business Impact: Increased Efficiency and Scalability

With FurtherAI, the reinsurer has transformed its underwriting audits from a cumbersome, manual process into a streamlined, technology-driven workflow. 

The solution not only accelerates audits but also improves accuracy, reduces human error, and enables scalability—empowering the reinsurer to support its growing network of MGAs more effectively.

By automating audits, the Reinsurer freed up 100+ hours per MGA Audit and redeployed these 100 hours to meet their own strategic objectives. :

• 50+ hours
  reallocated to proactive underwriting – With audits no longer requiring extensive manual review, underwriters could focus on risk analysis, pricing strategy, and market trend evaluations.
• 25+ hours
  saved in compliance oversight – Automated discrepancy detection ensured full regulatory alignment, allowing compliance teams to shift from manual reviews to high-level policy governance.
• 10+ hours
  redirected to competitive intelligence – AI-driven real-time policy comparisons allowed teams to monitor competitor filings and adjust products accordingly.
• 10+ hours
  recovered in broker and client engagement – Instead of spending time on manual policy comparisons, brokers received instant AI-generated insights, enabling faster responses and stronger client relationships.

Bottom Line

By eliminating inefficiencies and maximizing expert utilization, FurtherAI delivers a powerful competitive advantage, enabling the reinsurer to maintain compliance, profitability, and operational excellence across its underwriting ecosystem.