Streamlining Underwriting for 80% Cost Reduction
Problem:
Insurance Co. was facing significant profitability challenges due to their inefficient underwriting approach. They were spending $25+ per application with underwriters dedicating a full hour to each review, regardless of the policy’s potential margin. This one-size-fits-all process resulted in thin profits on standard policies and limited their ability to scale without hiring additional staff. The company needed a solution that would allow them to allocate resources more strategically based on potential policy value.
Solution:
Polyrific’s inferr.ing solution automatically extracted and validated applicant information, pre-screened applications by profitability potential, flagged specific risks with document references, and integrated directly with their existing system.
Results:
The results were transformative: Costs dropped from $25+ to less than $5 per application, with review times shrinking from 60 to 5 minutes. This allowed Insurance Co. to focus resources on high-margin policies while maintaining 92% accuracy. With no upfront investment required and staff redeployed to more valuable complex cases, the company saw immediate ROI and improved profitability across their policy portfolio.
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