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Automated Policy Checking Platform Vital for Agents and Brokers

August 19, 2021

Chisel’s AI platform allows Xceedance to digitize comparing existing quote, policy, and binder vis-a-vis the new policy for contract assurance in real-time.

Insurers pay minute attention to details such as packaging, wordings, clauses, and terms when issuing a policy, maximizing the quality of policyholder experience. Back-office operations are critical for delivering that seamless experience and require a lot of effort. Policy administration and checking is a significant role undertaken by agents and brokers on behalf of carriers who deal with issuing and renewing thousands of policies every month. Policy checking entails ensuring no mismatch between proposal and policy and that the policy document is complete and accurate. For renewals, it means confirming the policy is in sync with the previous one, and there is no variance in the final document. It involves checking the paperwork for incomplete or wrong information, identifying E&Os and coordinating with underwriters, verifying the accuracy of coverage details, and checking the policy status.

Insureds trust retail insurance agents and brokers for advice to minimize exposure and anticipate and manage risk. However, their advisory role is often compromised due to time-consuming administrative tasks, including policy checking. The right partner can help agents and brokers automate those tasks, allowing them to grow their business during renewal periods.

Our partnership with the Chisel AI is helping retail insurance agents and brokers standardize and digitize comparing existing quote, policy and binder vis-a-vis the new policy. The customized AI solution is cost-effective, capable, and has a buyer-centric approach to check for E&Os before issuing the policy. Advanced artificial intelligence (AI) and machine learning (ML) features with insurance-driven capabilities of the automated solution allows agents and brokers to pay attention to policyholders’ requirements. Our solution ensures adequate protection and policy coverage, enables accurate terms and conditions, and significantly reduces the risk of E&Os.

We are helping retail insurance agents and brokers get timely strategic support with a short service activation timeline and an agile pricing model. Based on each operation’s unique needs, we deliver tailored, on-demand services to improve efficiency and increase capacity.

Contact us to learn how you can perform policy checking on time, on budget, and with superior accuracy.

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