The Customer

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.

 

The Situation

A significant portion of new business comes from the Customer's 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.

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The Challenge

Overcoming Manual Processing Challenges: Enhancing Speed, Accuracy, and Revenue Generation in ACORD Form Handling

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 the Customer's 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.

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The Solution

After a careful evaluation of available automation solutions, the Customer chose to work with Roots for its expertise in AI for Insurance.  

Roots' AI Agents were deployed as digital coworkers to:

• Review submission emails and extract data from ACORD forms, triggering the quoting process.
• Execute data entry, upload attachments into Customer’s application system and complete submission.
• Submissions with incorrect data (e.g., agency/ policy codes; LOB information) are flagged by Digital Coworker, allowing for H-i-L to address. (Average exception handling reduced to 30 – 120 sec.).

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The Benefits

With the help of its AI Agents acting as digital coworkers, the Customer's underwriting team is seeing fast results:

• ‍Streamlined processing: 80% of ACORD forms are now processed straight-through without human intervention by Digital Coworkers.  ‍
• Reduced turnaround time:  Significant reduction of time processing ACORD forms, enabling the Customer's underwriters to provide quicker quotes to agents, thereby improving the company’s competitiveness and revenue generating potential. ‍
• Improved accuracy: Automated data extraction and entry ensures accurate and consistent data, minimizing rework and delays. ‍
• Expanded capacity and scalability: The Digital Coworker can easily handle massive increases in document volume, positioning the Customer for continued growth without hiring constraints. ‍
• Enhanced employee experience: Underwriting assistants have been redeployed to higher-value tasks, increasing job satisfaction and workforce productivity.

Across the board, Roots' AI Agents have strategically addressed this Customer's operational challenges, delivering quantifiable efficiency gains, cost savings, and revenue growth opportunities while positioning them for future scalability.