Onboarding New Business Faster by Streamlining Document Processing
Digital Coworkers help a top-20 P & C Carrier maximize revenue growth opportunities while positioning them for scalability.
ACORD form turnaround time (reduced from 10-15 min).
document volume handled by Digital Coworkers.
of documents processed straight-through.
Our Customer is a top-20 property and casualty (P & C) insurer that has 1.01% of domestic P & C insurance premiums spanning Auto, Business, Excess & Surplus, Home and Life product lines.
A significant portion of new business comes from agents passing over entire books of existing client policies including ACORD documents when switching to the Customer from other carriers.
The Customer's underwriting organization was inundated with processing a heavy volume of new documents, each containing around 280 data points per form that need to be accurately entered into their system.
They previously had deployed a team of five to process and enter data from these forms into business systems using traditional methods.
The key challenges facing the Customer were:
Speed: Processing each ACORD form manually was taking 10-15 minutes on average. With hundreds of forms arriving daily, this slow turnaround time was impacting their ability to provide timely quotes to agents.
Accuracy: Manual data entry carried a high risk of human errors. Inaccurate data entry led to rework, compounding delays and impacting downstream underwriting processes.
Revenue Generation: Slow turnaround times and inaccurate quotes made agents less inclined to switch their business to the Customer directly impacting their revenue generation opportunities.
After a careful evaluation of available automation solutions, the Customer chose to work with Roots Automation for its expertise in AI for Insurance.
Roots Digital Coworkers were deployed to:
With the help of its Digital Coworkers, the Customer's underwriting team is seeing fast results:
Across the board, Roots Automation Digital Coworkers have strategically addressed this Customer's operational challenges, delivering quantifiable efficiency gains, cost savings, and revenue growth opportunities while positioning them for future scalability.
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