NewgenONE AI Platform
Augmenting Underwriter Judgment with AI for Informed Outcomes
Assist underwriters with risk assessment, data analysis, and decision support through an AI agent. Augment human judgment with informed insights, evidence retrieval from the intelligent ECM platform, and recommendation workflows.
Key Features of NewgenONE Underwriting Assistant for Commercial Insurers
AI-driven Data Collection & Actionable Insights
Use AI to collect financial statements, claims history, and risk data, providing underwriters with key insights. Our AI and ML models intelligently extract and structure underwriting data, eliminating manual entry and reducing errors.
Improve Overall Sales Effectiveness & Optimize Pricing Strategies
Use our AI models to predict how likely a potential customer will accept a given quote and tailor quotes to individual customers, potentially improving conversion rates. Optimize your pricing strategies by leveraging our P&C Quote Acceptance model to improve overall sales effectiveness.
Automated Risk Accumulation Checks & Red Flag Detection
Enhance underwriting accuracy with the P&C Risk Prediction model, which assesses risk by analyzing historical data, risk profiles, and benchmarks. It flags anomalies, identifies policy gaps, and prioritizes underwriting decisions. The model streamlines processing, determines policies needing review, and enables data-driven decisions on terms, pricing, and risk exposure reduction.
Automated Document Summarization & Compliance
Use conversational AI to analyze documents, uncover insights, and ensure underwriting compliance. Our GenAI summarizes clauses, verifies policies, cross-checks regulations, and flags inconsistencies. Minimize compliance risks, reduce manual effort, and ensure policies meet commercial and industry standards.
Accelerated Decision-making & Locational Intelligence
Boost efficiency by automating underwriting workflows with AI. Our platform delivers risk scores, local risk assessments, and peril exposure insights using Locational Intelligence and NATCAT Models. It helps underwriters identify high-risk areas, create contextual policies, and set accurate premiums.
AI-driven Data Collection & Actionable Insights
Use AI to collect financial statements, claims history, and risk data, providing underwriters with key insights. Our AI and ML models intelligently extract and structure underwriting data, eliminating manual entry and reducing errors.
Improve Overall Sales Effectiveness & Optimize Pricing Strategies
Use our AI models to predict how likely a potential customer will accept a given quote and tailor quotes to individual customers, potentially improving conversion rates. Optimize your pricing strategies by leveraging our P&C Quote Acceptance model to improve overall sales effectiveness.
Automated Risk Accumulation Checks & Red Flag Detection
Enhance underwriting accuracy with the P&C Risk Prediction model, which assesses risk by analyzing historical data, risk profiles, and benchmarks. It flags anomalies, identifies policy gaps, and prioritizes underwriting decisions. The model streamlines processing, determines policies needing review, and enables data-driven decisions on terms, pricing, and risk exposure reduction.
Automated Document Summarization & Compliance
Use conversational AI to analyze documents, uncover insights, and ensure underwriting compliance. Our GenAI summarizes clauses, verifies policies, cross-checks regulations, and flags inconsistencies. Minimize compliance risks, reduce manual effort, and ensure policies meet commercial and industry standards.
Accelerated Decision-making & Locational Intelligence
Boost efficiency by automating underwriting workflows with AI. Our platform delivers risk scores, local risk assessments, and peril exposure insights using Locational Intelligence and NATCAT Models. It helps underwriters identify high-risk areas, create contextual policies, and set accurate premiums.
Use Cases of NewgenONE Underwriting Assistant for Commercial Insurers
AI-powered Submission Evaluation
Conversational AI analyses underwriting submissions in real time, extracting critical details like company size, financials, claims history, and operational risks. AI can help underwriters identify missing information and flag potential concerns, enabling faster, more informed decisions with evidence-based insights. For example, an underwriter can use AI to understand a company’s revenue growth and why it had a decline in growth.
Indemnity Limit Assessment
AI can assist commercial underwriters evaluate requested indemnity limits against industry benchmarks, historical claims data, and financial exposure to ensure adequate coverage. By analyzing past risk patterns, AI determines whether a general liability coverage request aligns with the company’s risk profile, reducing underwriting uncertainty and enhancing risk-based pricing.
Compliance & Risk Alerts
AI is ensuring insurance companies with regulatory compliance by scanning underwriting submissions for risk factors such as management stability, regulatory history, and claims trends. It flags potential issues, such as a high frequency of product liability claims exceeding underwriting thresholds, helping underwriters mitigate exposure and make data-driven decisions.
Document Verification & Risk Insights
Use AI to accelerate commercial underwriting by automating document reviews and analyzing balance sheets, loss run reports, safety procedures, and emergency plans. Conversational AI assistant can detect a pattern of high-cost claims related to product defects in a loss run report, prompting deeper analysis and risk mitigation strategies.
AI-powered Submission Evaluation
Conversational AI analyses underwriting submissions in real time, extracting critical details like company size, financials, claims history, and operational risks. AI can help underwriters identify missing information and flag potential concerns, enabling faster, more informed decisions with evidence-based insights. For example, an underwriter can use AI to understand a company’s revenue growth and why it had a decline in growth.
Indemnity Limit Assessment
AI can assist commercial underwriters evaluate requested indemnity limits against industry benchmarks, historical claims data, and financial exposure to ensure adequate coverage. By analyzing past risk patterns, AI determines whether a general liability coverage request aligns with the company’s risk profile, reducing underwriting uncertainty and enhancing risk-based pricing.
Compliance & Risk Alerts
AI is ensuring insurance companies with regulatory compliance by scanning underwriting submissions for risk factors such as management stability, regulatory history, and claims trends. It flags potential issues, such as a high frequency of product liability claims exceeding underwriting thresholds, helping underwriters mitigate exposure and make data-driven decisions.
Document Verification & Risk Insights
Use AI to accelerate commercial underwriting by automating document reviews and analyzing balance sheets, loss run reports, safety procedures, and emergency plans. Conversational AI assistant can detect a pattern of high-cost claims related to product defects in a loss run report, prompting deeper analysis and risk mitigation strategies.
Find Your Winning Strategy with Newgen
Discover how Conversational AI empowers commercial underwriters with faster, data-driven insights to make informed, strategic decisions.
Request a DemoGot Questions?
Enter your information, and a Newgen representative will be in touch shortly.
Frequently Asked Questions
Newgen’s Al Agents help automate underwriting, claims, and policy servicing, which deliver agility, compliance, and personalized engagement across life, health, general, and motor insurance.
The Agents, built on NewgenONE, our Al-first low-code platform, together with agentic customer journeys and built-in Al models, streamline operations and elevate efficiency across insurance functions.
The NewgenONE Al Agents are powered by the following components:
- Agentic workflows for end-to-end automation
- Cloud-native architecture with enterprise-grade security, deployable on private, public, or hybrid cloud
- GenAl for actionable insights across underwriting, claims, and distribution
- Conversational & Explainable Al for confident decision-making
- Seamless integration with your core insurance & partner systems
The Al Agents for Underwriting enable the following Agentic Journeys:
- Predictive Claim Probability
- Advanced Mortality Risk Scoring
- Conversational Al with Explainability
- Human-in-the-loop Decisioning
- Dynamic Risk Modeling
The Al Agents for Claims Management enable the following capabilities:
- Smart FNOL Triage & Auto-adjudication
- Crash & Damage Assessment Models
- Surveyor Requirements Prediction
- Real-time Fraud Detection
- Predictive Claims Reserving
The Al Agents for Policy Servicing enable the following enhancements:
- Churn Prediction & Retention Enablement
- Cross-selling Opportunity Identification
- Conversational Advisor Assistants
- Visual Al for CLV and Engagement Models
Newgen’s Al Agents have demonstrated the following measurable impact on key performance indicators (KPIs):
- Underwriting Turnaround Time: ↓ 60%
- Agent Onboarding Time: ↓ 40%
- Policy Issuance Time: ↓ 70%
- CSAT Score: ↑ 60%
- Cost per Policy Issuance: ↓ 20%
- SLA Compliance: ↑ 25%
- STP Rate: ↑ 25%
- Policy Renewal Rate: ↑ 15%
Proven Success for Global Insurers includes:
- Archived over 15 billion documents for a top-tier insurer
- Reduced cost by 25-30% and paper usage by 75% for a Fortune 500 insurance firm
Orchestrate for an Intelligent Enterprise, Now!
Explore all the ways you can tap into orchestration to transform your business for the era of intelligence!
