Automated underwriting and placement workflows powered by AI enhance policy quality and speed of issuance
Toronto, ON (Sept. 29, 2021) – Chisel AI, a technology provider for the global insurance industry, is pleased to announce that global insurance carrier, Zurich North America has implemented its Submission Intake and Policy Check solutions to automate core Construction underwriting and placement processes, ensure policy quality, and reduce the costs of policy rework and reissuance.
Under this agreement, Chisel AI’s machine learning and natural language understanding solutions will read, extract, and ingest unstructured data from lengthy and complex digital insurance documents and automate time-consuming manual submission intake and policy checking tasks.
“We’re excited to work with Zurich to roll out Submission Intake and Policy Check to help them enhance underwriting efficiencies and the broker and policyholder experience,” said Jason McDermott, President and CEO, Chisel AI. “Commercial lines submissions require intensive manual effort to gather information from emails and multiple attachments before an underwriter can assess the risk. Our Submission Intake solution will allow Zurich to extract key data points from submissions in real-time to push to downstream systems, while Policy Check will automatically compare a policy against a binder to identify any errors and omissions more quickly, with a goal of reducing policy rework ratios and accelerating speed to issuance.”
Zurich’s North American construction business unit, a leading provider of wrap-up liability insurance, has implemented Chisel AI Submission Intake to extract and ingest key data points from submission documents and quickly enroll subcontractors on large construction projects where policy details are needed before work can begin.
Chisel AI Policy Check is now used by the construction business to check and validate policies against binders to identify any errors and omissions, lower policy reissuance costs, and continue to meet Zurich’s gold standard for contract quality and certainty.
“As a customer-led organization, Zurich is investing in innovation that supports our efforts to deliver high quality products and services,” said Jeffrey Gallimore, Chief Operating Officer, U.S. National Accounts, Zurich North America. “Chisel AI brings the type of innovation we look for on behalf of our customers and distributors.”
In addition to Zurich North America’s construction business, the company is evaluating the potential use of Chisel AI technologies within other business areas.
About Chisel AI
Chisel AI delivers a purpose-built solution for commercial insurance reads and extracts unstructured data trapped in digital insurance documents. Our advanced AI platform and intelligent workflows automate high volume, repetitive manual underwriting and placement processes, enabling insurance carriers and brokers to double their business, reduce E&O risk, and deliver a better customer experience without adding staff. Our customers include some of the world’s largest commercial lines insurance carriers and brokers. Chisel AI won Gold at the 2019 Zurich Innovation World Championship and the ACORD InsurTech Innovation Challenge in 2018. For more information, visit www.chisel.ai.
Zurich North America is one of the largest providers of insurance solutions and services to businesses and individuals. Our customers represent industries ranging from agriculture to technology. Zurich North America is part of Zurich Insurance Group, a leading multi-line insurer that serves its customers in global and local markets. Further information is available at www.zurichna.com.
Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 55,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 215 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.
Source: Chisel AITags: Artificial Intelligence (AI), automation, Chisel, InsurTech, InsurTech Spotlight, Zurich