The Legacy Challenge and the AI Opportunity
The commercial insurance industry has long been burdened by a document-heavy workflow. From submission intake to policy issuance and claims management, much of the value chain relies on the accurate extraction and processing of data buried within documents like ACORD forms, Certificates of Insurance (COIs), Schedule of Values (SOVs), Loss Runs, and Endorsement forms. Traditionally, this has involved manual labor, high error rates, and significant processing delays.
Artificial Intelligence (AI), particularly in the areas of Natural Language Processing (NLP) and computer vision, is changing the game. By enabling automated document data extraction, AI dramatically improves efficiency, accuracy, and scalability for both brokers and carriers. Let's explore how.
Benefits for Brokers
- Accelerated Submission Intake and Pre-Fill
Manual submission processing is slow and error-prone. AI automates the extraction of key fields (insured name, coverage types, limits, prior carrier info) from PDFs and emails, feeding them directly into CRM and quoting systems. This speeds up turnaround time and reduces administrative overhead.
- Streamlined COI Management
Brokers often manage thousands of Certificates of Insurance. AI can read and validate critical COI data (e.g., policy dates, coverages, and compliance status), automate tracking, and trigger alerts when certificates expire or are non-compliant.
- Automated Loss Run Analysis
AI tools can extract claim histories from multi-format loss run documents, normalize the data, and generate loss summaries and trends. This saves time and enhances the quality of submissions to carriers.
- Policy Comparison Made Easy
AI can compare expiring vs. proposed policies to flag differences in coverages, exclusions, and endorsements. This improves renewal discussions and ensures clients receive optimal terms.
Benefits for Carriers
- Smarter Submission Triage and Risk Assessment
Carriers receive thousands of submissions in varied formats. Sophisticated artificial intelligence can read and extract data from these documents. They can then be triaged based on underwriting criteria, and routed to the right underwriters, reducing intake friction and improving decision speed.
- Efficient SOV Parsing
Large commercial accounts often include complex SOVs. AI can parse these spreadsheets to extract key data points (location, value, construction type), standardize them, and flag anomalies for underwriter review.
- Faster Endorsement and Policy Review
AI compares issued policies to templates, ensuring all clauses and conditions are in place. This reduces compliance risk and supports faster document generation.
- Standardized Loss Run Processing
Carriers often receive loss runs in inconsistent formats. AI can standardize and extract relevant loss history details, feeding them into pricing and risk assessment tools more effectively.
- Intelligent Claims Document Handling
In claims, AI extracts data from FNOLs, repair estimates, and correspondence. This supports automation in claims workflows, faster resolutions, and better customer service.
What Can Document Engineering / Document Data Extraction Do For You?
AI-powered document data extraction is no longer a nice-to-have—it's a necessity for brokers and carriers seeking to stay competitive. By eliminating manual bottlenecks and unlocking the value hidden in unstructured data, AI enables faster, more informed decision-making across the commercial insurance ecosystem.
All it takes is a short 30 minute session with our product managers, to discuss specifically how you may take advantage of this new capability, and what it may mean for your organization’s productivity.