Streamlining risk assessmentsin underwriting using Marvel.ai

What our customer encountered?

The insurer faced the following challenges in their underwriting department during meticulous and granular segmentation of risk analysis:
Extensive external data handling challenges in risk segmentation
  • Handling large volume of external data for customer-specific risk analysis. 
  • Manual extraction of granular unstructured data causes complications in data verification, quality assurance, and re-work due to duplicate entries.  
  • Unavailability of comprehensive customer data, for future risk analysis 
Other challenges
  • Cross-referencing multiple applications for review 
  • Involvement in non-core activities leading to avoidable delays. 

The challenges resulted in:

  • Lengthy underwriting process  
  • Unpredictability of fraudulent claims at an earlier stage 
  • Increased customer acquisition cost 
  • Substantial delay in policy issuance 
  • Unsatisfactory customer experience  

What our customer needed?

Intelligent document data processing to speed up the underwriting process and improve their quote-to-bind ratio.

The Solution

Marvel.ai, an AI- first, cloud-native, CX-centric business transformation engine has been introduced to extract critical information for underwriters’ review from various data sources, including emails, scanned and native PDFs, and financial documents. Through advanced AI, ML, and NLP algorithms, it rapidly extracts and categorizes intricate data sets for analysis from extensive documents, delivering structured, ready-to-use data that unlock valuable insights in just minutes.

What we delivered?

  • 92-95% accurate high-quality structured data
  • Automated data-driven insights for accurate and timely pricing
  • Custom logic for duplicate entry prediction
  • Historical data reference repository for future reviews
  • End-to-end data processing automation with seamless integration capabilities

Benefits to the customers

80%

elimination of manual efforts

90%

reduction in data processing time

Secure data collection

Secure data collection and collation for effective predictive analysis

Increased underwriting

productivity with speed and precision

Freeing up resources

for high-value tasks

Quicker policy issuance,

resulting in higher customer satisfaction

Return on investment within months
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