New generative AI product launched for underwriters

Send Technology Solutions has launched a new product to help underwriters tackle “one of the biggest pain points” they currently face.

In a statement released yesterday (27 June 2023), the insurtech said Smart Submission had been developed in response to the amount of unstructured data underwriters receive by email.

Its new product will use generative AI to help insurers save time and increase their win rate by automating the submission process.

Andy Moss, co-founder and chief executive of Send, said: “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.

“It is one of the single biggest pain points facing our insurer and MGA customers writing commercial and specialty business.”

Ingestion process

This came after Send joined forces with Sollers Consulting in March 2023 to improve underwriting.

Smart Submission will be available as a stand-alone product or as part of the Send Underwriting Workbench – a smart underwriting platform that streamlines processes by bringing together submission triage, quote management and task workflow in one place.

It uses data ingestion technologies and generative AI to provide intelligent automation that extracts data quickly and from any format.

Moss added: “Smart Submission will not only speed up the ingestion process, but will help them to greatly improve underwriting performance.”