Based on learned carrier strategies, underwriter best practices, historical patterns, and automated research, Planck’s Cognitive Business Analytics Platform helps underwriters make more informed decisions regarding risk assessment, binding, and pricing.
Increase underwriters’ productivity by automating underwriting decisions, enabling them to focus on rating and pricing.
Reduce and even eliminate manual data validation and underwriting inefficiencies. Underwriters can focus on more complex pricing processes and outliers that require more nuanced and strategic action.
Automate and formalize validation and eligibility to reduce process inconsistency. By reducing decisioning noise and standardizing underwriting guidelines, overall underwriting accuracy will dramatically increase.
How it works
When the carrier receives a submission, the Planck platform automatically processes and assesses the application: rejecting it, sending it for quoting, or highlighting discrepancies that require manual inspection or further proof of evidence from the applicant.
When a new submission is received in the policy admin system, the Planck platform automatically creates underwriting insights based on the business name and address.
Taking into consideration the generated insights, established underwriting guidelines, and historical decision patterns, the Planck platform makes a recommendation to decline the submission, generate a quote, or send it for manual inspection.
Underwriters receive a prioritized list of submissions that require additional action, such as additional information from the broker or business owner.
How it works
Underwriters no longer need to spend time searching for pieces of information to determine if a submission meets underwriting guideline criteria. Underwriting recommendations from Planck’s Cognitive Business Analytics Platform will assess and triage large numbers of submissions, reducing manual assessments for a more workable and efficient intake process.