“This is a must-have GREAT underwriting platform. Copilot ensures that underwriters deliver excellent underwriting.”

The Challenge

A mid-market division of a Global top 15 P&C carrier was flooded with submissions. As a result, good premium opportunities languished in underwriter inboxes for days before receiving attention, and underwriters bound risks before obtaining a full understanding of exposures.

The Solution

The carrier selected the Copilot underwriting workbench to accelerate their underwriting operations and  clamp down on risks with hidden exposures. After initially going live with  a small set of underwriters, the carrier expanded Copilot access to a larger group of users, resulting in better, faster underwriting across many more submissions.

Before Copilot - Challenges with Profitability and Relationships

In the years that followed policy inception, the carrier was bombarded with large loss claims from predictable incidents. Wrongful deaths and shootings were common, as the initial submissions had not been properly vetted to account for these exposures.

In general, underwriters struggled to vet inbound risks with the level of attention that leadership desired. Breakdowns in guideline adherence resulted in a book that featured many out-of-appetite policies, which often came with high claim activity.

On the flip side, profitable risks waited in underwriter inboxes for weeks before receiving any attention. These lengthy quote delays resulted in low bind rates and hampered the carrier’s growth objectives.

With Copilot - Immediate Benefits and Sustained Growth

The improvements from Copilot were instantaneous.

Within 2 months, Copilot reduced the time to quote by 40%, increased the bind rate from 30% to 34.5%, and increased compliance with appetite and guidelines to over 95%.

Where did this impact come from?

To start, by automating manual tasks and centralizing key information, Copilot was able to cut down on wasted underwriter time. Despite having 15% fewer underwriters on staff, the insurer was able to significantly increase the number of policies they bound.

In addition, Copilot’s AI models flagged hidden exposures based on a variety of external data sources that were previously overlooked. Criminal activity and pending legal actions became easily accessible to underwriters, so they could make quoting decisions with confidence.

Lastly, with the carrier’s appetite embedded in Copilot, leadership no longer had to worry about writing out-of-appetite business. Instead, underwriters were able to prioritize the submissions most likely to bind while out-of-appetite risks were automatically triaged out.

Based on the immediate impact from Copilot the carrier opted to expand the partnership and embed Copilot in their underwriting workflow.