60% Reduced Data Silos and Improved Operational Visibility Through AI-Powered Insurance Platform
About Client
The client is a mid-sized insurance brokerage company that operates across six states in the Midwestern United States. The company has over 12,000 active policyholders, working with 30 different carrier partners. They manage commercial and personal lines to offer a wider range of insurance solutions.
The client mainly relied on the disconnected systems to run their operations. A legacy policy administration system, CRM for client relationship, email for communication, and spreadsheets for claim tracking. As the annual premium grew above $45 million, the gap between these disconnected systems led to operational challenges.
Key Challenges
The absence of a centralized system often brought challenges in terms of easy information accessibility. Policy details lived in the administration system, while communication had to be accessed via mail history. Excel workbooks made it even more complicated to manage thousands of policies. Getting complete info about a client required logging into multiple systems, consuming at least 25-35 minutes.
Claim status received in PDF format had to be manually fed into Excel sheets, further causing a 2-3 day lag. Generating a quarterly book-of-business report required fetching data from multiple sources, consuming at least 40 hours every quarter. The unavailability of an automated renewal and reminder system, 8-12% renewals used to be initiated late.
Our Solutions
The AI-powered insurance platform unified the client’s fragmented system into a centralized source of truth, making data accessibility easier and transparent.
Centralized Data Integration Layer
Our team implemented and designed a middleware integration engine that links legacy administration systems, claim spreadsheets, CRM, mail feeds, and provides a single data platform.
Automated Document Parsing & Claim Ingestion
We created a document processing pipeline with NLP and OCR that automatically extracts email updates and compares them with the client profile and updates them in the central dashboard.
Renewal Intelligence Engine
Our solution involved a renewal management component that would keep track of policy expiration dates to automatically generate alerts and pre-populated renewal forms.
Real-Time Operational Dashboard
The quarterly manual reporting was substituted with real-time dashboards that were capable of displaying data, such as the claim frequency trends, carrier performance metrics, and the renewal pipeline status at a particular point in time.
Impact That Drives Results
The implementation of an AI-based insurance platform led to significant operational gains within a quarter of deployment.
60%
Reduction in Data Silos
The integration layer consolidated five systems into a single platform, which cut the time to resolve inquiries down to 6 minutes instead of 25-30 minutes.
78%
Faster Claims Status Updates
The automated document parsing system also decreased the mean time of claim update lag from 3-4 days to less than 4 hours.
92%
On-Time Renewal Rate
The autonomous renewal tracking system decreased the time lag in restoring the accounts by contacting the policyholders in the appropriate time.
35+
Hours Saved on Reporting
The live dashboard eliminated the necessity to assemble data manually to curate quarterly reports, resulting in 90% of the time saved by analysts and accounting staff.
