Traditional Policy Checking methods in vogue today are manual, time-consuming and prone to errors.
Outsourcing the process to an offshore company for cost arbitrage has not eliminated the challenges on this front. CSRs manually compare and review policies, proposals, schedules and quotes.
On an average a CSR requires around 30 minutes to check a small business policy, while the standard commercial policy might require anywhere between 90 minutes to a couple of hours.
WHAT IS THE SOLUTION TO THIS?
Exdion Policy Check, 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 on policy errors upto a 100%.
Here are 4 things Exdion Policy Check delivers to Insurance brokers:
1. Eliminates Repetitive Work
CSR’s get 100’s of policies, every day for cross-checking, and manually wading through all the documents takes an enormous amount of time and effort. The Exdion Policy Check AI platform, completely removes the need to manually check policies, with just one click you can upload all the previous year’s documents, in any desired format and the solution, Exdion Policy Check leverages its AI and ML to do the policy checking for you.
So, no more monotonous work, get on-demand policy checking with just a click
2. Eliminates E&O Exposure by 100%
Exdion Policy Check is a cloud-based; AI, ML and NLP based solution. This equips Exdion Policy Check to auto learn new scenarios and carries out certain preliminary validations even as you upload documents and guides you with friendly messages.
Research suggests human errors and data quality contribute to about 10% of E&O exposure which again leads to increased costs and client attrition for the agency. Exdion Policy Check ensures your policies are checked and ensures E&O compliance.
3. Fast, Accurate , Secure and Scalable
This pioneering cloud-based solution is the first of its kind. Equipped with cognitive science, and also the platform is secure and scalable on the AWS cloud and offered through flat fee and pay-per-use models.
So neither the client nor the broker has to worry about any breach of data. Exdion Policy Check ensures 0% people dependency, eliminating 383 decision points which would have taken hours to review
4. Improves Client Retention and Cut down Process Cost
Exdion Policy Check cuts down the your costs and costs lesser than even outsourcing, while delivering better and consistent results. And fast processing gives CSR’s ample time to focus more on customer service.
Exdion Policy Check is the future of Policy Checking. The platform meets every unique broker need and adapts to both large and small agency’s policy checking needs and workflows.