October 16, 2023
Traditionally, insurance processes have relied on manual data entry and piecemeal automation—tools that could handle small, repetitive tasks but still required human oversight every step of the way. In submission intake, this meant underwriters and agents spending valuable time toggling between multiple systems to gather and verify details. While technology helped reduce some paperwork, it rarely delivered a truly streamlined end-to-end solution.
Recent breakthroughs in Generative AI are taking technology beyond simple task automation. Rather than just speeding up a few steps, these advanced systems can interpret unstructured inputs—such as emails, PDFs, spreadsheets, or scanned documents—and handle multi-step processes independently. Think of them as digital “colleagues” who can follow instructions, make decisions, and seek clarification when something is unclear. We refer to these cutting-edge solutions as AI Agents.
When it comes to submission intake, AI Agents bring three essential capabilities that significantly reduce manual effort and increase accuracy:
AI Agents scan unstructured content—submission forms, broker emails, and supporting documents—to capture key data such as coverage limits, loss histories, and insured details. In the case of one of our customers, this automation enabled the processing of over $20 billion in Total Insured Value (TIV), drastically reducing manual data entry efforts and minimizing human errors.
AI Agents check submissions for inconsistencies (e.g., mismatched coverage dates or missing required documents) and notify underwriters only when anomalies arise. By leveraging AI-driven validation, the customer achieved a 2x operational efficiency gain within three months, allowing teams to focus on risk assessment and high-value tasks rather than routine data verification.
AI Agents seamlessly integrate with policy administration, CRM, and rating platforms, ensuring smooth data transfers between systems without manual intervention. For our customer, AI-powered submission processing not only eliminated repetitive data entry but also cut quote turnaround times significantly, leading to faster broker response times and improved service levels.
AI-driven submission intake is no longer just an efficiency booster—it’s becoming a competitive necessity. Carriers processing billions in premiums are already realizing the benefits, with one leading insurer achieving a 200% increase in underwriting efficiency in just three months by deploying FurtherAI’s submission processing AI. By automating submission data extraction, clearance, and risk identification, the AI has processed over $20 billion in Total Insured Value (TIV) while significantly improving quote turnaround times.
This success underscores the broader potential of AI in underwriting. As AI Agents continue to evolve, they will integrate more deeply with policy administration systems, further eliminating manual data entry, enriching submission data, and surfacing risk gaps for underwriters. The ability to automate complex workflows with near-perfect accuracy is setting a new standard for underwriting efficiency.
If you're looking to achieve similar gains in your submission intake process, we’d love to explore how FurtherAI can support your team. Reach out to us to learn more.
