Submissions are inconsistent in format. They’re emails with no standardisation relating to the presentation of data or the layout of vessel schedules in accompanying attachments. Individual Brokers have their preferred methods of communication and provide access to varying amounts of information. The existing unautomated process of drawing in submission data requires an Underwriter to:
- Identify the relevant information from an inconsistent email format
- Deduce what information is missing from the original email and attachment
- Source outstanding information for an incomplete submission
- Check the information drawn from the original submission is correct
- Manually enter collated information and make a business decision
The level of information required combined with time-consuming processes makes the manual entry and triage of each submission a lengthy and inefficient process. Inconsistency of data formats, particularly vessel schedules, can add further work for Underwriters. Allocating time to the administration of business that may not be in appetite is highly inefficient. When business is seen to be in appetite, the opportunity may have passed.
Automation solves the issue of data ingestion and formatting, making the increasing volume of digital submissions manageable. Automation through an analytics platform like Quest Marine can also offer additional insight to data at the point of ingestion. This is particularly useful in triaging a high-volume of submissions as it:
- Highlights the level of risk related to new business at the point of submission
- Helps Underwriters make effective decisions quickly
- Improves the placement of risk
When received, the most complex risk can be escalated to the most Senior Underwriters, whilst more transactional business can be automated. Junior Underwriters have the opportunity to learn from the direct management of less-complex, bespoke risk.
Data ingestion speed and accuracy
With a complex workflow and inconsistent source material, it is crucial that automating the submissions process focusses on both efficiency and accuracy. Concirrus’ submissions module draws on the strengths of the dataset underpinning the Quest Marine platform to reference incoming information. Referencing data to a rich and highly curated dataset that draws on vetted third parties, and backs the decisions of a growing number of Insurers, ensures that incoming information is valid and that minor discrepancies can be rectified with confidence. Such a dataset receives information on a near real-time basis and so remains relevant. With this measure in place, Concirrus’ submissions module can complete the ingestion, reference, and risk assessment of a submission in under three minutes.
“The strength of our underlying data lake is a great source of validation for all information entering the platform. Information presented to an Underwriter has been referenced automatically to one of the largest consolidated external data assets of it’s kind in our industry. The fact we can be self-sufficient in accessing a key reference reduces dependencies on the automated workflow whilst ensuring any minor corrections are made based on evidence.” - Sammy Emojevbe, Project Owner, Concirrus
Fig 1: Automated digital submission workflow in Quest Marine Hull
Consider more business
The speed at which data is ingested, validated, and presented allows Underwriters to consider more business. Considering more business over time increases the probability of winning business over time. Risk assessment as part of the process ensures appetite is quickly determined, and any further qualification centres around the causes of risk. This saves time on discovery as Underwriters aren’t needing to search for what those risk factors are.
The use of a metric relating to risk level also offers Head Underwriters more control of the portfolio. They can state whether business below a certain threshold is to be written depending on existing portfolio performance. Moving the submissions process from a human-machine to a machine-human workflow removes subjective selection, increases productivity, and ensures Underwriters have immediate visibility of risk factors for effective decision making.
“We’re focussing on ensuring the Underwriter can use their expertise and focus on risk selection, not administration. Presenting information to them in an effective way ensures they can focus on the prospective nature of their work without losing time to data entry.” – Sammy Emojevbe, Product Owner, Concirrus
Fig 2: Digital submissions within Quest Marine Hull (data used is for demo purposes only)
What’s next
Automated workflows require measures to control unknowns. Any large discrepancies found in source data, along with missing fields, will be identified to Underwriters so they are aware. Factors such as an inconsistent labelling of values would require further qualification. These are areas being addressed by Concirrus’ submissions team so that the system can present such business in the same manner as all other submissions.
“The automated workflow in place is very effective, and we’re receiving good validation from the market. Our focus is to now tackle the subset of inconsistencies that exist due to the nature of some submission vessel schedule attachments. These typically require an Underwriter to spend time resolving issues and is a known source of frustration for the market. We’re working to ensure those factors no longer cause unnecessary admin and slow down risk selection.” – Sammy Emojevbe, Product Owner, Concirrus
For more on digital submissions and how we can help your business, get in touch.
