AI-Powered Data Extraction & Underwriting

Founded:

2016

Company Website:

www.chisel.ai

Product Name:

Submission Triage

Product Description:

Submission Triage is an AI-powered application purpose-built for commercial insurance that enables insurance carriers to automate and streamline the application intake process. Submission Triage reads submissions faster than a human knowledge worker, extracting key data points and applying business rules to auto-route them to the right department or auto-decline them. With Submission Triage, carriers can acknowledge and quote or decline thousands of submissions a day, boosting their quoting capacity and initial response rates from 50% to over 90%.

Who is your target market?

Commercial Insurance Brokers and Carriers.

What makes your product great?

Our purpose-built AI solution for insurance has the unique ability to recognize 500+ insurance-specific named entities such as limits, deductibles, premiums, types of coverage, exclusions, endorsements, city, state, country, etc. We can extract, classify, and interpret 500 data points from multiple insurance documents (policies, binders, quotes, applications, endorsements, statements of value, loss run reports, etc.) in one second, compared to a knowledge worker who can extract only 15 to 50 data points in 30 minutes.

What is your best success story?

Our real-time data extraction capabilities coupled with our out-of-the-box AI-powered applications allow insurance companies to automate and streamline high-volume, routine, error-prone underwriting tasks such as policy checking, submission triage and submission prioritization. Insurance companies who deploy Chisel AI can expand their underwriting capacity by 50%, boost operational efficiencies and increase revenue without adding staff.