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Watch: Driving Transformation in Commercial Insurance
Learn how Groundspeed & Unqork have partnered to deliver an integrated solution to transform commercial lines submission emails and documents into structured and enhanced data.
Jeff Mason, CEO and Founder of Groundspeed Analytics, sat for a virtual session with Unqork’s Andrew Khalatov (Client Manager - Financial Services) to discuss how Groundspeed and Unqork partner to enable the P&C insurance sector to dramatically improve their underwriting processes.
Groundspeed helps insurance carriers and brokers unlock the value in their unstructured data. How do they do it? Jeff breaks it down.
“We work at Groundspeed across three main product towers. One is around automation. So automating this document ingestion and data workflow. Another around intelligence, which means really expanding the power and the enrichments of this data. And the third is around improving the information exchange across the ecosystem.” To that third point, Jeff adds the reason why Groundspeed chose to integrate with Unqork’s no-code application building platform. “Unqork is a leader in placement and rate, quote, bind platform improvements, and we're really excited at working with Unqork.”
“Unqork is a leader in placement and rate, quote, bind platform improvements."
99% of middle-market and large commercial premium is placed via email workflows. This extremely sensitive information is largely communicated through PDF and Excel files attached to emails, requiring intense manual effort from insurance carriers and brokers to consume and understand the information. With this process, the risk for human error is high.
[Groundspeed] can deliver its customers highly accurate data (99.5%) that does not need to be double-checked or validated.
Instead, Groundspeed automates the ingestion of information from applications, loss runs, exposure schedules, and the email body itself. They can deliver its customers highly accurate data (99.5%) that does not need to be double-checked or validated. The end result? “Structured and enriched data to drive better quoting, faster quoting, and better financial performance and higher underwriting income,” says Jeff.
Groundspeed structures and enriches the submission information, and then it gets delivered back into the Unqork ecosystem. To watch the demo of how much more efficiently and accurately a commercial lines submission can be done, check out the full session above.