(Image source: Chisel AI Submission Triage web page.)
Chisel AI, a Toronto-based artificial intelligence platform focused on optimizing the process of extracting information from insurance submissions, has announced Submission Triage, an AI-powered intelligent workflow that enables commercial insurance carriers to auto-route and auto-decline submissions, dramatically expanding their quoting and underwriting capacity without adding staff. Chisel AI was a winner of the 2018 ACORD InsurTech Innovation Challenge (AIIC).
“Everything is now one click away,” comments Ron Glozman, CEO and Founder, Chisel AI. “Customers expect immediate responses and more than 50 percent of the time the first responder to a submission wins the business. Our Submission Triage solution helps carriers increase initial response rates from 40 percent to nearly 100 percent while boosting their quoting capacity by 50%. By automating the process, carriers can quote thousands of submissions per day, and issue responses in seconds.”
Chisel says that it aims to provide a “better, faster,” digital alternative to the historically very slow and inefficient process of business submission, addressing the axiom that “the first submission in is the first submission out.” Chisel says its AI’s purpose-built solution automatically reads submissions and applies rules to auto-decline or auto-route them to the right department. While traditional approaches chew up carriers’ quoting and underwriting capacity, with Chisel AI, carriers can write more business and respond faster than the competition, the vendor asserts.
Helping Carriers Increase their Agility, Efficiency and Competitiveness
“When shopping for coverage, today’s tech-savvy, digitally-empowered customers expect the same quick and painless experience in their working lives as they’re used to in their personal lives,” comments Mike Fitzgerald, Senior Analyst, Celent (Boston). “By automating cumbersome back-office processes, solutions like Chisel AI’s Submission Triage show great promise in helping carriers increase their agility, efficiency and competitiveness.”