ACORD Ingestion by Underwriting AI
ACORD forms submitted to Insurance carriers require a herculean effort, especially given the diversity of forms and their fill rates. ACORD Ingestion makes the process fully automated.
We provide an automated way to ingest all the data provided in the ACORD application and combine it with Risk Insights. It provides a comprehensive risk profile along with a basis for comparison to information provided by the agent/insured.
We let you focus on the core: evaluating the risk, and we take care of the chore by combining data from various sources, ACORD forms and Risk Insights, to build a comprehensive risk profile.
Underwriting AI enables underwriters to seek information from varied input sources.
Understand the ACORD forms data and incorporate it into your processes for broader risk evaluation. Underwriting AI can extract and consolidate all the data from ACORD forms and Risk Insights to provide a standardized view so you can truly “know your risk”.
ACORD forms are a standardized manner for agents to provide input to the various carriers as part of the submission process. Carriers value the input due to its standardized format and wealth of information; however, they seek to validate the input through their own processes. How do you incorporate the knowledge gleaned from ACORD forms and combine that with carrier-specific information on the risk to understand the differences and leverage additional enrichment for risk evaluation?
ACORD Forms Data Ingestion
ACORD forms vary based on insurance lines of businesses and the specific versions adopted by various agency management systems. Trying to understand all the forms and editions is a major task for carrier personnel. A standardized and digitized version of the ACORD forms data allows carriers to leverage the information in various ways:
- Digitized data to allow ingestion/integration to trigger UW actions
- Reduce or eliminate manual data entry
- Forms data to combine with outside third party data to trigger UW insights
ACORD Form Data Comparison
Customer/Agents submit risk data as part of the ACORD forms. Underwriting AI collects data through its own processes for the same business entity. It is valuable for Insurance companies to compare the data submitted by Agents with data collected by Underwriting AI.
- Comparison on specific risk elements between ACORD and Underwriting AI
- Decide which source to use for specific fields – Underwriting AI or ACORD
- Make changes in the agent/insured portal on what data to seek
ACORD Form Data Corrections
Customers/Agents submit policy coverage data in ACORD forms across various carriers. Sometimes insurance carriers have to change the policy coverage request to adapt to their own appetite or policy coverages that they are offering.
- Edits on policy coverage/limits as per carrier rules
- Rules for making policy coverage changes based on insured risk profile
Data is gathered from limitless sources, expertly blending and extracting crucial factors into actionable insights.
Going beyond data aggregation, key information is derived from structured and unstructured content to enable better and enriched decision making for evolving risks.
Data is mined to produce actionable, accurate context that previously went unnoticed.
Unstructured text found on the web and social media is analyzed, alerting you to conditions that could affect your decisions.
Risk classifications are inferred with speed and accuracy by our proprietary risk engine by leveraging multiple, continually trained models.
Dynamic risk insights are delivered in real time, providing a joyful experience for your customers, agents, brokers, and underwriters.
“These solutions will set us apart in our marketspace”
“Risk Insights will provide us competitive edge”
“We think Underwriting AI is a game changer for our business”
“The fact that Underwriting AI is built by people who understand insurance, and the underwriters’ intent is a great advantage over the competition that tries to fit one solution for all by focusing on data mapping. Their collaborative mode of working with us is what sets them apart.”