Insurance Policy Renewal Generation
As part of the insurance company’s policy lifecycle, property and casualty insurance holders regularly receive renewal notices for their policies. Back office associates compile data from underwriting systems, claims history, and external risk sources, then apply business rules and actuarial models to calculate the renewal premium. The calculated premium is reviewed for accuracy before being communicated to the policyholder.
- Retrieve data from policy system and documents
- Review claims history and assess risk
- Review risk and calculate premium
- Update policy system
- Ensure compliance with guidelines
- Generate renewal notice
- Schedule delivery to policyholder
- Assisted review of OCR-captured data
- Automated extraction of claims history
- Guide agents through risk calculations
- Automate data entry in real-time
- Reflect the latest compliance SOPs in context of work
- Automated generation of renewal notice with agent review
- Automated scheduling of delivery
When the back office associate clicks on a customer account where a contract renewal quote has been requested, Assistant triggers inside the CRM and offers its help.
Upon starting, Assistant retrieves a range of data from the company’s policy management system and CRM. In addition, it uses OCR to automatically capture data from new files that have come in. Formats are typically standardized, but occasionally they’re filled in different ways, so the associate has to adjust manually. The Assistant helps with this by using built-in validation to point out inconsistencies.
Administering the policy is supported with real-time automation, in which the Assistant pre-fills forms that the associate can then review for accuracy.
Arriving at the correct renewal premium requires several calculations that need to take various factors into account. The Assistant has these calculations built in and breaks them down for the associate into a step-by-step process.
Along the way, the Assistant points out whenever exceptions may apply that the associate needs to be aware of.
Throughout the process, the associates can always rely on the Assistant to reflect the latest standard operating processes from the internal knowledge management system in the context of the policy they work on.
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