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
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.