New AI tool FormFlow aims to revolutionise insurance broker submissions

A new artificial intelligence-driven tool named FormFlow has been developed to tackle persistent inefficiencies in the process of handling broker submissions, particularly in the insurance industry. The creation of FormFlow was driven by demand from customers seeking faster and more accurate quote processing, which could significantly enhance sales opportunities for Managing General Agents (MGAs) and insurers.

Traditionally, brokers face considerable challenges when submitting quotes, often having to fill out individual forms for various MGAs and insurers or send risk details through emails and attachments. This process frequently results in underwriters needing to manually re-enter data, a task that is both labor-intensive and prone to errors. According to Insly, a leading player in the insurtech space, underwriting teams currently only process between 30% and 50% of broker submissions, leading to missed opportunities and strained relationships between brokers and underwriters.

Utilising advanced AI systems, FormFlow allows brokers to submit risk details in multiple formats, including PDFs, images, and even handwritten text. The tool effectively extracts the necessary data, mapping it to specific templates for MGAs and insurers while ensuring compliance with stringent data security protocols. By automating this process, FormFlow significantly reduces the need for manual data entry, allowing MGAs and insurers to manage a larger volume of quotes far more effectively.

Insly’s projections indicate that when implemented, FormFlow can enhance quote processing rates to between 60% and 70%, and even up to 80% or 90% when coupled with automated underwriting systems. The introduction of this tool is expected to cut processing times from days to mere minutes and improve data quality for underwriting tenfold.

Risto Rossar, the CEO and Founder of Insly, discussed the implications of this technology, stating, “MGAs and insurers are losing out on a significant volume of potential sales due to a data-processing challenge. Our Insly Innovation Lab has been researching and testing the best applications for AI in insurance processes, and this is an area where the technology delivers immense value.”

Rossar further elaborated on the advantages of FormFlow, emphasising its role in fostering better collaboration between brokers and underwriters, which ultimately aids customers in securing the most suitable coverage options. “The tool we’ve created removes a huge cause of inefficiency, helping brokers and underwriters collaborate more effectively while aiding customers in finding the best coverage for their needs. We’re excited to implement FormFlow with both existing and new customers, empowering MGAs and insurers to maximize their broker relationships and accelerate sales,” he added.

One of the notable features of FormFlow is its flexibility, as it can seamlessly integrate with any current IT systems or function independently. This capability allows it to digitise customer information and bolster underwriting efficiency through structured data and insights from third-party sources. The implementation of FormFlow is poised to redefine the landscape of broker submissions within the insurance industry, promoting faster and more efficient workflows that are increasingly necessary in today’s rapidly evolving business environment.

Source: Noah Wire Services