Automated Contract Standardization and Data Extraction System for Insurance Underwriting

The client processes numerous insurance proposals annually, relying heavily on manual data entry from broker documents. These documents vary significantly in format, content, and layout, leading to time-consuming processing, inconsistencies, and increased risk of errors. The manual approach limits processing speed and hinders the ability to respond promptly to clients, impacting customer satisfaction and conversion rates.

A large insurance provider processing thousands of corporate and individual proposals annually, seeking to improve efficiency and data accuracy in document handling and underwriting processes.

• Increase processing speed of insurance proposals by at least two to three times through automation.
• Reduce the time for underwriters to verify and prepare proposals from up to one hour to just a few minutes.
• Standardize contract and proposal templates to ensure consistency in wording and layout.
• Improve data accuracy and reduce manual errors in proposal documentation.
• Enable quick verification of extracted data, allowing underwriters to focus on negotiation and assessment tasks.

• AI-based document parsing to extract essential proposal data, including broker, insurer, insured parties, coverage details, clauses, and other critical information.
• Generation of formatted insurance proposals using a unified, standard template to ensure consistency across all documents.
• A validation layer to verify the accuracy and completeness of extracted data before final review.
• An intelligent parser capable of handling a variety of document formats, templates, and lengths, with a focus on multi-party and complex proposals.
• A centralized database of contractual clauses managed by designated personnel for easier control over wording and legal compliance.
• Seamless data flow management using an orchestration framework to integrate various data sources and systems.

• Secure email connectivity for processing incoming broker documents and outgoing proposals
• Database systems for storing clauses, templates, and extracted data
• APIs for integrating with existing underwriting and proposal management platforms
• Version control and deployment automation tools

• High throughput capability to process thousands of documents annually with minimal latency
• Accuracy rate of data extraction to meet or exceed industry standards (e.g., >95%)
• Strict data security and compliance with financial sector regulations
• Scalability to accommodate growth in document volume and complexity
• Robust validation and error handling to ensure data integrity

The implementation of this AI-driven automation system is expected to triple processing speed for insurance proposals, drastically reduce manual review time from hours to minutes, and improve data accuracy. This will lead to a faster response time to clients, higher contract signing rates, standardized contract wording, and better control over legal and contractual compliance, resulting in increased operational efficiency and customer satisfaction.