Client Background

Client name: Leading E&S services provider in the Property and Casualty (P&C) market

Industry: Insurance

Products or Services: Specialty insurance and reinsurance

Areas of operations: USA

Challenge

An underwriter of specialty insurance and reinsurance products in the Property and Casualty market was experiencing issues in assessing risk and providing an overall risk assessment view on time. The entire process was manual and required extracting 109 attributes (96 were “non-description” type and 13 were running text attributes), which prolonged the underwriter’s wait time and resulted in lower policies being booked, especially at the end of the month. 

Solution

To help the client, we classified the documents into standard and non-standard formats, such as 

• Inspection report - 3 formats
• Binder – 1 standard format
• ACORD form - 1 standard format
• Risk evaluation report - 4 different formats

Wipro’s solution involved extracting the judgmental attributes on the basis of positive / negative sentiment, checking keywords with numeric values, and comparing values against standard databases. The final view of the risk associated was presented to the underwriters, highlighting any anomalies, thereby saving their time to ascertain the issues associated whilst covering the risk.

Benefits

Wipro’s solution led to greater efficiencies, thus reducing risks and increasing productivity.

• Average handle time (AHT) reduced from 60 minutes to 5 minutes
• ~30% additional time enabled for underwriters to focus more on strategic activities
• 75% reduction in rework due to planned process automation
• 50% reduction in turnaround time (TAT) to help handle volume spikes
• ~10% increase in premiums as all the premiums were booked in the same month