West Bend Mutual Selects CogniSure AI to Automate Commercial Submission Intake

CogniSure AI converts hard-to-digest large commercial loss runs received from other carriers into underwriting summaries in minutes, allowing West Bend to make better risk decisions.

(Image source: CogniSure AI homepage.)

West Bend Mutual Insurance (West Bend, Wisc.) has selected CogniSure AI’s (Chicago/Bangalore) Submission Insights solution to help automate the process of ingesting the loss runs received from hundreds of carrier loss runs in PDF/Excel into usable loss summaries and loss insights saving significant amount of underwriting effort and time, according to a CogniSure AI statement.

Murali Natarajan, SVP and CIO, West Bend.

CogniSure AI’s solution addresses the challenges related to insurers receiving a significant quantity of commercial submissions through emails with attachments such as ACORD, Schedules, Ex Mods, Loss Runs, and more. The vendor notes that these manually intensive submission processes often lead to delays in quotes, gaps in risk selection, and loss of business. A recent Novarica study estimates that on average 20 percent of small commercial, 3 percent of large commercial, 3 percent of specialty, and 10 percent of workers comp submissions go to straight-through processing with significant opportunity for automation and enhanced risk evaluation.

“As part of our commercial underwriting transformation, we are excited to partner with CogniSure AI after evaluating their loss run insights solution through an extensive pilot,” comments Murali Natarajan, SVP, CIO, West Bend Mutual. “We are thrilled to see how CogniSure AI can convert hard-to-digest large commercial loss runs received from other carriers into underwriting summaries in minutes, allowing us to make better risk decisions.”

Sai Raman Founder and CEO, CogniSure.

Strategic Partnership

“Extracting data from non-standard, unstructured carrier loss runs and converting into a common structure with actionable insights is an extremely complex challenge,” says Sai Raman, Founder, CEO, CogniSure. “We are deeply pleased to see the tremendous traction from carriers, brokers, and MGAs using our solution. This strategic partnership with West Bend is a tremendous opportunity to enhance our Submission Insights solution to ingest a wide range of submission documents attached to commercial underwriting submissions.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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