Invisible Helped

Expand Their Market

Invisible helped an Insurance client 6x underwriting speed and expand their business.

Invisible Helped

Expand Their Market

Invisible helped an Insurance client 6x underwriting speed and expand their business.

Invisible Helped

Expand Their Market

Invisible helped an Insurance client 6x underwriting speed and expand their business.

The Need

After a hurricane hit South Florida, a mid-sized insurance company accumulated a backlog of 4,000 policies that needed to be rejected within 90 days or they would be automatically renewed, sometimes at substantial loss to the business. To get through this backlog, the team would need 10 additional FTEs.

Instead, they worked with Invisible and burned through the backlog at 6x the normal pace. Since, Invisible has run up to 14 processes for this business and seen them through another hurricane.

The Solution

Invisible mastered an 80 page workflow that prepared policies for the internal expert team. Not only was the team able to burn through the backlog of 4,000 policies, they were able to review them an average of thirty days earlier than their previous best. Not only was the team able to make decisions more quickly, they were able to make better, more rigorous decisions, as this additional time allowed for further rounds of review.

Before Invisible, underwriters spent a lot of time gathering basic information and making simple decisions. For example, to underwrite housing policies they had to:

  1. Compare information across multiple databases to confirm home ownership records are listed in the exact same way.
  2. Use Google Earth to determine the shape of a roof, a factor in assessing risk.
  3. Find pictures of buildings to count the number of stories and ensure the picture matched the information on file.

Those decisions are all simple for someone else to do, hard to teach a bot to do, and a sub-optimal use of underwriters’ expertise. While large companies use RPA combined with AI for these types of problems, the solutions that work aren't affordable for mid-market companies for whom cashflow is a concern.

How People & Machines Increase Efficiency

Working off of an 80 page and highly detailed standard operating procedure, Invisible created a reliable series of workflows that helps underwriters optimize their time. It divides work meaningfully between trained people and simple automations.

This is a visual of an end-to-end workflow to support underwriters. Steps executed by people are in orange. Steps executed by technology are in blue.

Example Decision: Roof Risk

If you've never worked in underwriting before, it may be hard to visualize these sorts of simple decisions. Here's one example: To validate certain housing policies, one must verify that the number of stories listed on building records matches photo evidence. It turns out that the human eye is still more efficient at this cross-checking than computers are.

When the documentation of a roof shape matches photo evidence, agents recommend underwriters endorse. When it doesn't match, they apply a rating.

Not only are humans faster at making sense of photos than untrained machines are, they are also better at handling exceptions. For example, you can see in this workflow that agents are equipped to apply judgment based on a handful of scripted exceptions.

Scaling Simple Judgments

In the insurance industry, the core ability that's often needed to scale processes—in addition to working with legacy systems—is to scale simple judgments. Invisible's unique way of managing the relationship between people and machines enables our clients to do just that.

The Impact

Invisible creates cost-efficiencies for this business every day and provides critical surge capacity when the region is beset by natural events. As a result of our partnership, the company can grow efficiently in good and bad weather.  

Since, Invisible has helped nearly every team in the company gain efficiencies, from processing E&O documents, to automating claims intake, to QA'ing IT tickets. Most recently, a competitor went out of business due to (another) hurricane. This time Invisible helped the company increase its capacity by 25% in one month, and they were able to meet the new market demand.

Get Results

The insurance industry uses automations heavily, but affordable automation solutions are not well suited to workflows that run on unstructured data and which require decision-making. These processes can be applied to insurance, increasing efficiency where it's hard to gain.

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