October 24, 2017
Boston, MA - October 24, 2017 - Exari, the world’s leading enterprise contract management platform, today announced solutions to three major challenges facing global insurers: inefficient manual checking during a policy’s pre-bind stage, bottlenecks during binding authority underwriting, and difficulty processing the high volumes of broker submissions received each day.
Exari insurance solutions are tailor-made to solve these specific challenges. Exari Vision AI-driven Data Capture automatically scans any insurance document and intelligently extracts all required data. Exari Vision Quality Assurance capabilities compare the document data against pre-defined rule sets to ensure correct wording and adherence to regulatory and market standards.
“Faraday have been using Exari Vision for a number of years,” says Allison Musson, Wordings Manager at Faraday. “It is firmly embedded within our adopted process for the review of contractual documentation which allows the end user to concentrate on the finer points of issue.”
Solution for Pre-Bind Quality Assurance
Running pre-bind checks on every policy is absolutely mandatory, but doing those checks manually is slow and error-prone. This can lead to greater risk exposure and lost opportunities and revenue. With Exari, policies can now be automatically run through pre-established checklists and rule-sets. This reduces the time required to check a policy from hours to minutes, freeing users to pursue more business while maintaining a high level of quality and low level of risk.
Solution for Binding Authority Checks
Binding authority underwriting has become an increasingly attractive and profitable source of business, but growth is tempered by the 50+ checks required for each policy. Exari Vision alleviates these delays by allowing compliance checks to be completed in a matter of minutes. Users are able to execute more business in less time and with fewer resources, leading to a healthier bottom line.
Solution for Submission Analysis
With thousands of brokers submissions each day, it’s impossible for companies to analyze each one. This leads to lost revenue and little to no insight into the broader market. Exari Vision quickly extracts data sent in by brokers regardless of format, automatically loading, analyzing, and transforming all emails and attachments (including ACORD forms and schedules of values) into structured data. Standard and customer rule sets filter out unwanted policies, making sure that no potential business goes unopened and no potential revenue goes unrealized.
To learn more about Exari’s insurance tool suite and use cases, visit us at www.exari.com/solutions/insurance.
Exari delivers the most complete Enterprise Contract Lifecycle Management platform, used every day by market-leading companies to understand all aspects of their contract ecosystem worldwide. With Exari, customers can reduce contract risk and improve operating efficiency with 100% Contract Certainty™. Learn more at https://www.exari.com.