October 16, 2023
For underwriters, transforming Statement of Values (SOVs) into a standardized format is one of the most time-consuming and error-prone aspects of submission intake. These documents often arrive in a variety of formats—spreadsheets, PDFs, or even buried within emails—requiring significant manual effort to extract, validate, and standardize before they can be used for underwriting.
Despite advancements in automation, most submission intake processes still require manual data entry, human oversight, and formatting adjustments to ensure accuracy. This not only slows down turnaround times but also creates bottlenecks that prevent underwriting teams from focusing on actual risk assessment. As submission volumes grow, the inefficiencies of manual SOV handling become increasingly unsustainable.
Advancements in AI-driven automation are now shifting SOV processing beyond simple task automation. Rather than just digitizing data entry, FurtherAI’s AI Agents can interpret, extract, and validate SOVs independently—reducing the need for human intervention.
Think of AI Agents as digital teammates who can read, analyze, and structure SOV data just like an experienced underwriter. These AI-powered systems go beyond automation by ensuring the accuracy and completeness of each submission, streamlining underwriting workflows at scale.
When integrated into the submission intake process, AI Agents enhance efficiency in three key ways:
AI Agents can scan and extract structured data from unstructured sources, including SOV spreadsheets, PDFs, and broker emails. This eliminates the need for manual data entry and captures key details such as:
By leveraging AI for data extraction, underwriters no longer need to manually sift through complex SOVs, reducing intake processing time from hours to minutes.
Beyond just extracting data, AI Agents validate submissions for completeness and consistency. They flag issues such as:
By automatically identifying these discrepancies, AI Agents prevent underwriting delays and reduce the risk of pricing errors. Insurers using AI-powered validation have seen efficiency gains of up to 2x in their underwriting workflows.3. Populating Submission Systems SeamlesslyOnce validated, AI Agents seamlessly integrate with policy administration, CRM, and rating platforms, ensuring that structured and verified SOV data is accurately transferred across systems. This:
At scale, this integration enables insurers to process more submissions without increasing headcount, driving underwriting efficiency and accelerating broker response times.
Once AI Agents extract and validate Statement of Values (SOVs), they automatically convert them into a standardized format, ensuring compatibility across policy administration systems, CRMs, and rating platforms. This transformation eliminates the inefficiencies of handling varied SOV formats—whether spreadsheets, PDFs, or unstructured broker emails—allowing underwriters to work with clean, structured data from the start.
By automating SOV conversion, AI Agents ensure that underwriting teams can process submissions efficiently at scale, improving operational agility while enhancing broker relationships with quicker, more accurate responses.
AI-driven SOV processing isn’t just about efficiency—it’s about eliminating the massive waste of underwriting talent on tedious, manual data conversion. Top insurers processing billions in premiums have already embraced AI-powered submission intake, achieving up to a 200% increase in underwriting efficiency in just months.
As AI Agents evolve, they will completely automate non-standard SOV conversion, accelerate submission clearance, and refine risk assessment—freeing underwriters to focus on actual underwriting.
If your team is still manually wrangling SOVs, it's time to rethink your approach. Further AI is already eliminating this bottleneck for leading insurers—let’s talk about how we can do the same for you.
