Problem:

Commercial insurers are presented with a two-fold challenge.  From a revenue perspective, insurers are inundated a sheer volume of potential underwriting opportunities but lack the search capability to surface the most meaningful or strategically aligned deals. From an operations perspective, underwriting entails processing massive amounts of data to calculate the probability of loss; it is a core process for insurance companies as it underpins decision-making and pricing. While the industry has made some advances in migrating to electronics, a massive amount of paper and human interaction remain, driving up processing time, cost and errors and delaying time to revenue.

Solution:

Pendo was leveraged to develop structured datasets from unstructured commercial submission documents.

1.Indexes and creates metadata for key documents yielding  immediate search capability

2.Maps and classifies documents to locate key terms for the commercial submission process

3.Creates instantly exportable structured data sets

Value Created:

For one customer, Pendo developed a sustainable solution that enabled revenue growth by quickly and easily surfacing only the types of insurance opportunities aligned with the business strategy,  providing minable data insights regarding market demand while providing a meaningful cost reduction for operational processes.