A tool for automatic document classification, data extraction, and submission prioritization, streamlining the underwriting process.
Magic Submission is an innovative tool designed to automate and optimize the submission process in insurance underwriting. It automatically classifies incoming documents, extracts relevant information, and performs checks against global clearance rules. The tool normalizes submission data to align with target carrier data models and validates information through business rules or external sources. Additionally, it enriches data with additional exposure information and prioritizes submissions for underwriters, significantly reducing manual effort and improving the efficiency of the underwriting workflow.
Feature List
- Automatic document classification
- Relevant information extraction
- Global clearance rule checks
- Data normalization to carrier models
- Business rule validation
- Data enrichment with exposure information
- Submission prioritization for underwriters
Use Case Scenarios
- An underwriting team could use Magic Submission to automatically sort and prioritize incoming policy applications, focusing on the most promising leads.
- A large insurer could implement the tool to standardize submission data across different lines of business, improving data consistency.
- An insurance company could leverage Magic Submission to enrich submission data with additional exposure information, enhancing risk assessment accuracy.
Functionality Overview
Magic Submission functions as an intelligent front-end for the underwriting process. It begins by receiving and classifying incoming documents, then extracts relevant data using OCR and NLP technologies. The system applies predefined rules to validate and enrich the extracted data, normalizing it to fit carrier-specific data models. It then prioritizes submissions based on customizable criteria, presenting underwriters with a streamlined, data-rich view of each submission. Throughout this process, Magic Submission maintains audit trails and can integrate with other underwriting and policy management systems for seamless data flow.
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