AI Underwriter for Risk Management In Financial Services
Accelerate your underwriting team's decision-making with the GenAI solution by Provectus.
- Automate the processing of underwriting files to minimize risks in policy issuance
- Streamline the underwriting process to decrease bid times and increase proposal win rates
- Enable underwriters to use resources more efficiently, cutting operational costs
Solution Overview
AI Underwriter is a GenAI-powered solution that streamlines the underwriting process for organizations in banking, financial services, and insurance sectors. Built on AWS, the solution leverages advanced large language models (LLMs) to extract and summarize decision-critical information from unstructured underwriting documents in PDF format.
The GenAI solution serves as a smart information retrieval and management system that extracts and summarizes decision-critical information from complex PDF forms, statements, and reports. It generates comprehensive summaries that enable underwriters to quickly assess risks, accelerating decision-making on policy issuance.
AI Underwriter is a powerful GenAI assistant for any underwriter who is looking to minimize routine manual tasks and reduce the time needed to prepare the final policy packet.
Types of documents that can be processed by the solution:
- Application forms
- Risk assessment reports
- Credit reports
- Policy quotation
- Proposal forms
- Terms and conditions
- Disclosures and notices
- Financial statements
- Anti-money laundering (AML) documentation
How It Works
AI Underwriter for Risk Management extracts and summarizes diverse information from a range of underwriting documents, to generate rich summaries in less than ten minutes per file. The summaries simplify document processing and report preparation, enabling underwriters to issue a policy days faster than traditional manual methods.
Target KPIs
Transform your insurance underwriting process with measurable improvements across key metrics, delivering unprecedented efficiency, accuracy, and consistency in the automated processing of various underwriting files, at scale.
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Featured Experts
Serves financial services clients on strategy, digital and AI transformation, and growth empowerment.
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Helps financial institutions transform their business and operating models through AI innovation and data analytics.
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Advises financial organizations on investment banking strategies, risk management and compliance solutions.
LinkedIn →Customer Success Stories
Convex speeds up and scales underwriters' decision-making by using AI to make sense of risk reports
Johnson Lambert leverages GenAI for report processing, to enable its auditors to reduce time to audit by 50%