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Global Insurance Solutions

Commercial policies are complex in nature.&nbsp;Brokers place commercial policy application with multiple Insurers.&nbsp;Insurers issue quotes for the Brokers, who write the binder when the customer accepts the pricing and coverage.&nbsp;Insure underwrites and rates with additional information obtained from the customer and issues the policy.&nbsp;Between this process of quote to policy issuance, there can be many instances, either due to errors or omissions or the non-availability of coverage limits etc. the policy might not be issued at the same benefit levels sought by the customer.Brokers and Insurers have fiduciary responsibility to validate the coverage gap and either to correct it or to inform the customer about gaps accordingly.&nbsp;This process of comparison between the quote to binder to policy takes 30 to 40 minutes of routine tasks of valuable resources for Brokers and Underwriters, who can utilize the resources to selling more policies.&nbsp;The commercial binder to policy comparison workflow has been created in integration with the partner Chisel.ai to allow the policy processors in Broker / Insurance Companies to speed up the the&nbsp;comparison process, where the steps include:<ol><li>Pulling the Binder and Policy from the document storage</li><li>Uploading document to Chisel.ai to find if there are any difference</li><li>Chisel.ai provides the comparison result in the page</li><li>UiPath Robot goes through the comparison result</li><li>Chisel.ai generates the result in a document</li><li>UiPath Robot downloads the document and sends to the processors in email</li><li>If there are no differences, Robot sends email as no difference report</li><li>If there are differences, Robot sends email for review&nbsp;</li></ol>This automation will allow Insurers and Brokers to be compliant of their fiduciary responsibility&nbsp;while also ensuring there are no coverage gaps and premium leakage due to wrong deductible / limit placement.

UiPath workflow for Insurance Carriers and Brokers to compare Commercial Binder to Policy to avoid Errors and Omissions

UiPath - Intelligent Comparison of Commercial Bind

UiPath - Intelligent Comparison of Commercial Bind

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