With the proliferation of fintechs providing highly customizable insurance quotes in mere seconds via self-service channels, legacy insurance providers no longer have the upper hand when it comes to underwriting expertise, as data scientists can easily create reusable models that outperform the institutional knowledge of human actuaries.
Loss runs have historically been challenging to process in real time due to high document variability. Thus, insurance providers have consistently relied on manual processing because until now no automation solution could comprehend documents that had little commonality. This results in slow processing time and a widening gap between fintechs and legacy insurers.
With a no code front end system, Applica eliminates the necessity of data labeling, while also requiring less time, effort, and fewer document samples than any other automation solution on the market. Insurance providers can now ingest historical datasets and create a data lake with vast amounts of relevant information. This allows for the mining of previously inaccessible data, which in turn creates insights for future use and increases throughput.
Since underwriters no longer need to focus on standard cases, their time can be spent on the more difficult decisions that require their industry expertise and human judgement, reducing time to process each loss run by 80%. Applica empowers insurers of all types to provide highly tailored customer service while simultaneously making more informed underwriting decisions, resulting in quicker time to value.
