TORONTO & AUSTIN, Texas--(BUSINESS WIRE)--Chisel AI, a technology provider for the global insurance industry, today announced Submission Triage, an AI-powered intelligent workflow that enables commercial insurance carriers to auto-route and auto-decline submissions, dramatically expanding their quoting and underwriting capacity without adding staff. Chisel AI unveiled the solution at the Dig|In 2019 insurance technology conference in Austin.
“Everything is now one click away,” said Ron Glozman, CEO and Founder, Chisel AI. “Customers expect immediate responses and more than 50% of the time the first responder to a submission wins the business. Our Submission Triage solution helps carriers increase initial response rates from 40% to nearly 100% while boosting their quoting capacity by 50%. By automating the process, carriers can quote thousands of submissions per day, and issue responses in seconds.”
“When shopping for coverage, today’s tech-savvy, digitally-empowered customers expect the same quick and painless experience in their working lives as they’re used to in their personal lives,” said Mike Fitzgerald, Senior Analyst at Celent. “By automating cumbersome back-office processes, solutions like Chisel AI’s Submission Triage show great promise in helping carriers increase their agility, efficiency and competitiveness.”
In commercial insurance underwriting, the industry rule is the first submission in is the first submission out. This slow and inefficient process hasn’t changed significantly in a hundred years, despite rising customer expectations for a better, faster digital experience. The time-consuming task of reviewing and routing mountains of submissions chews up carriers’ quoting and underwriting capacity. Chisel AI’s purpose-built solution automatically reads submissions and applies rules to auto-decline or auto-route them to the right department. With Chisel AI, carriers can write more business and respond faster than the competition.
About Chisel AI
Chisel AI’s purpose-built solution for commercial insurance carriers and brokers reads unstructured insurance data 400 times faster than a human – and with much greater accuracy. Our advanced AI platform and intelligent workflows fuel the automation of high volume, mundane underwriting and brokering processes, enabling insurers to double their business and optimize the customer experience without adding staff. Chisel won Gold at the 2019 Zurich Innovation World Championship and won the ACORD InsurTech Innovation Challenge in 2018. For more information, visit www.chisel.ai.