Traditional Policy Checking methods in vogue today are manual driven, time-consuming and prone to errors.
Outsourcing the process to an offshore company for cost arbitrage and 24/7 turnaround has not eliminated the challenges on this front. CSRs manually compare and review prior term policies, propositions, and quotes.
On an average a CSR requires around 30 minutes to check small business policy, while the standard commercial policy might require anywhere between 90 minutes to couple of hours.
What is the solution to this?
ExdionPOD, a cutting edge AI and machine learning enabled software product is a cure-all. It not only automates the policy work process, but also reduces E&O exposure to 100%
Here are 4 things ExdionPOD delivers to Insurance brokers:
1. Eliminates Repetitive Work
CSR’s get 100 of policies, every day for cross-checking, and manually wading through all the documents takes an enormous amount of time and effort. The AI integrated ExdionPOD, completely removes the need to manually check every policy, with just one click you can upload all the previous year’s documents, in any desired format and the solution, ExdionPOD leverages its AI and ML to do the policy checking for you.
After this, all you have to do is Generate Checklist, again by just clicking a button. Isn’t that simple and fast? So, no more monotonous work, get on-demand instant bulk document process with just a click
2. Eliminates E&O Exposure by 100%
ExdionPOD is a cloud-based; AI, ML and NL integrated solution. Which equips ExdionPOD to auto learns new scenarios and carries out certain preliminary validations even as you upload documents and guides you with friendly messages.
This completely removes any error caused by employees. Research suggests human errors and data quality contribute to about 10% of E&O exposure which again leads to cost attrition for the agency. ExdionPOD removes chances of error by 100%, keeping you safe from any E&O attrition.
3. Fast, Accurate , Secure and Scalable
This pioneering cloud-based solution is first of its kind. Equipped with cognitive science, and also made secure and scalable with the AWS cloud platform on a pay-per-use model for the safety and privacy of the client’s data.
So neither the client nor the broker has to worry about any breach of data. The one-click model ensures the fast processing of documents, increasing the TAT by 52%. AI, ML, and NL integration ensure 0% people dependency, eliminating 383 decision points. Doesn’t this makes the process fast and frees the brokers time in a significant way?
4. Improves Client Retention and Cut down Process Cost
ExdionPOD pay-per-use model ensures no upfront investment from CSR’s side and also cuts down the cost of outsourcing the manual policy checking process, saving both time and money for the agency. And fast processing gives CSR’s ample of time to focus more on client’s delight and gaining more business for the agency.
ExdionPOD is the future of Policy Checking. The platform comes with a standard version for small business and a customized version for large broker agencies.