Underwriters have to go through and prioritize a high number of submissions on a daily basis, leading to a delay in quote to bind time and decrease in customer experience. Customers expect a quote for their insurance policy in a matter of seconds and underwriters want to prioritize the policies that need a second look. On top of that, as underwriting cycle time increases, bind ratios might increase and UW guidelines become redundant.
TAZI Submission Scoring Solution is a no-code, easy and ready to use, understandable, machine learning solution for underwriting and automation teams.
This solution aims to automate the workflow of underwriters by providing recommended actions for each incoming policy submission. TAZI applies real-time risk selection and creates a score for each incoming submission based on the existing portfolio’s profitability and loss experience. Based on the submission score, the policy application is automatically rejected, accepted, or referred to an underwriter. In the end, TAZI empowers underwriting teams to make profitable, sustainable decisions with high confidence.
In addition, especially when there are abrupt changes through competition, economic conditions, and risk levels, there might also be emerging micro-segments with small amounts of data where traditional machine learning models are not able to detect these new patterns. For these situations, TAZI’s self-updating models can be fine-tuned by underwriters that are able to detect newly emerging patterns for improved performance.
With TAZI, the underwriters can now focus on the incoming submission that needs a second look and prioritize their work. The users can view the profitability indicators for each customer segment and can take the best action for submission approval. Based on quoted portfolio behavior, the system recommends the right action that has the highest probability of profitable conversion.
Lastly, TAZI is always aligned with the current UW guidelines and creates an insurance ecosystem where the underwriting appetite is always up to date with the current market. By empowering underwriters and their workflows, TAZI accelerates time-to-quote and focuses on a lower combined ratio.