Revolutionizing Underwriting: Sixfold’s New AI-Powered Referral Agent
In a significant advancement for the insurance industry, Sixfold, a leading provider of AI-driven underwriting solutions, has unveiled its latest feature: the Referral Agent. This innovative enhancement to its Property and Casualty (P&C) platform aims to not only provide insights but also streamline the entire underwriting process.
The Challenge of Referrals in Underwriting
Underwriting is often hindered by the time-consuming task of referrals. When underwriters encounter cases that require a second opinion from a senior colleague or a different department, the process can be cumbersome. It necessitates pausing current work, gathering documentation, and crafting detailed communication—tasks that can take up to an hour. With nearly 40% of applications needing escalation, underwriters frequently spend more time managing referrals than assessing risks.
Introducing Sixfold’s Referral Agent
The Referral Agent is a game changer, fundamentally transforming the way insurance referrals are handled. By integrating a company’s referral guidelines into Sixfold’s AI, underwriters can now benefit from immediate flagging of cases that warrant escalation, along with concise explanations for the referral. The Referral Agent not only identifies these cases but also generates an entire email package ready to send, allowing for a swift review and dispatch process.
Key Benefits of the Referral Agent
- Time Efficiency: What traditionally required 60 minutes can now be completed in just one minute.
- Seamless Integration: Implementing the Referral Agent requires minimal IT changes. By simply sharing referral rules and past decisions, companies can integrate the Agent within four weeks.
- Guided Workflow: Underwriters receive step-by-step guidance, understanding when and why a case should be referred, and equipped with all necessary information to act quickly.
How It Works
- Input: Insurers upload their referral guidelines into the Sixfold system.
- Analysis: Sixfold’s AI consistently applies these guidelines, identifying escalations when necessary and highlighting missing information if a case isn’t ready for referral.
- Action: The Agent composes a referral email that includes context and links, allowing for a smooth review and sending process.
A New Era for Underwriters
“Real-time, guided recommendations let underwriters transition from risk analysis to action immediately,” states Alex Schmelkin, Founder and CEO of Sixfold. “This marks a pivotal moment for Sixfold and clearly indicates the future direction of underwriting. The Referral Agent enhances speed, consistency, and scalability for our clients.”
Additional Features: Email Integration
Alongside the Referral Agent, Sixfold introduces Email Integration. Underwriters can now forward brokers’ emails, complete with attachments, directly from their inbox to the Sixfold platform. This triggers an automatic risk assessment and referral analysis, resulting in a drafted referral email that is delivered right back to the underwriter’s inbox, ready for dispatch.
Conclusion: The Future of Underwriting
Sixfold’s Referral Agent represents a significant leap forward in the underwriting landscape, promising to streamline workflows and improve overall efficiency. By harnessing the capabilities of AI, Sixfold is not only shaping the future of underwriting but also setting a new standard in the insurance industry.
By implementing such innovative solutions, insurance companies can expect increased productivity, improved decision-making, and enhanced customer satisfaction. With the Referral Agent at their fingertips, underwriters are better equipped than ever to navigate the complexities of their roles while maintaining a focus on risk assessment and efficient case management.
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