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Send Technology Solutions Ltd, a London-based InsurTech, has launched its latest product for underwriters, Smart Submission. Smart Submission uses generative AI to help carriers save time and increase their win rate by automating the submission process, according to a Send statement.
Andy Moss, Co-Founder and CEO, Send Technology Solutions.
Send reports that it developed Smart Submission in response to one of the biggest pain points facing underwriters, the onslaught of unstructured submission data received via email. Smart Submission uses best-in-class data ingestion technologies and generative AI to provide intelligent automation that extracts data in seconds from any format, the vendor says. The result is that carriers benefit from a single inbox where submissions are rapidly ingested, classified, and triaged. This helps insurers quickly prioritize risks in appetite to improve submission-to-quote ratios, according to Send.
Features include data enrichment to give underwriters more detailed information on the risk, a triage board to automatically allocate tasks for review, and risk creation capability that feeds through to either Send’s own Underwriting Workbench, or to the customers’ existing platform.
Speeding Ingestion Process and Improving Underwriting Performance
“Underwriters are under increased pressure to write profitable risk, but they struggle to do this whilst they’re battling submission chaos and multiple admin-heavy systems that require manual extraction and re-entry of risk data,” notes Andy Moss, co-founder and CEO, Send Technology Solutions. “It is one of the single biggest pain points facing our insurer and MGA customers writing commercial and specialty business.
“Smart Submission will not only speed up the ingestion process but will help them to greatly improve underwriting performance,” Moss says.
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