EdgeVerve Unveils XtractEdge Commercial Insurance for Insurers to Scale New Business
EdgeVerve Systems, a wholly owned subsidiary of Infosys, recently launched the XtractEdge Commercial Insurance, an AI-powered insurance product to scale new business for commercial insurance companies with agility. This product will enable insurance carriers to improve underwriter productivity, reduce processing time for new business requests, thus impacting their topline positively.
Today, insurers continue to grapple with bandwidth and productivity issues faced by underwriters, caused due to unstructured documents and incomprehensive information. XtractEdge Commercial Insurance is designed to modernize commercial insurance by leveraging AI and ML technologies. It is built to shape- the traditional new business intake process, make it faster, efficient, and error-free so that insurers can process more applications, drive new business growth, and enhance customer experience. With XtractEdge Commercial Insurance, underwriters can prioritize the submissions based on the insurers’ risk appetite for higher profitability.
XtractEdge is purpose-built for accelerating application processing in commercial insurance with comprehensive AI capabilities. The key features of XtractEdge Commercial Insurance are:
- Purpose-built interface and workflows to get a 360-degree perspective of each submission
- Selective underwriting by dynamically prioritizing new submission requests based on the line of business (LoB), broker, location, industry, risk appetite
- Automated request identification, classification, and deal creation based on LoBs from multiple mailboxes
- Out-of-the-box handling of accord forms, loss run reports, statement of value documents, and other documents with extensible configuration
- AI-powered decision assistance for underwriters to assess the completeness of submissions
To read more about XtractEdge Commercial Insurance, please visit: https://www.edgeverve.com/xtractedge-commercial-insurance/