Co-Pilots and Agentic AI in Insurance: Delivering Excellence Across the Underwriting Value Chain

Offshore business process services dominated the insurance industry’s back office, providing essential support through manual workflows and manual operations, traditionally. Industry 4.0 revolutionised business landscapes across industries and we are witnessing a seismic shift as AI-driven automation redefines these practices, transforming workflows and elevating the standards for delivering value.

Traditional underwriting methods, often reliant on human judgment and labour-intensive processes, are being rapidly transformed by cutting-edge technologies such as Agentic AI in insurance, Co-Pilot frameworks, and data-driven innovations. At Hexaware, we are proud to be at the forefront of this revolution, empowering insurers to embrace a future where technology meets efficiency.

The Shift from Manual to AI-Driven Processes

Historically, the insurance underwriting process has relied heavily on manual tasks, human judgment, and siloed operations. As AI and automation take center stage, we see significant opportunities to address long-standing inefficiencies and limitations.

Process Inefficiencies

• Human Error: Manual data entry and analysis often lead to inaccuracies, which can negatively impact risk assessment and pricing decisions.
• Time-consuming Workflows: Underwriting involves extensive data collection, validation, and analysis, which slows down decision-making and delays policy issuance.
• Limited Scalability: Traditional processes struggle to scale efficiently during peak submission periods or market expansion phases.
• Inefficiency in Complex Cases: High-value or intricate submissions frequently require manual intervention, leading to delays in processing and prioritization.

Data Challenges

• Data Orchestration Gaps: The absence of a unified platform for aggregating internal and external data sources hampers comprehensive risk insights.
• Limited Visibility: The inability to generate timely and comprehensive reports restricts data-driven decision-making.
• Document Management Inefficiencies: Legacy methods of document generation, handling, and storage are often time-consuming and error-prone.

Experience Gaps

• Fragmented User Experience: Multiple systems and inconsistent workflows create friction for underwriters, brokers, and other stakeholders.
• Suboptimal Internal Collaboration: Reliance on disparate tools reduces transparency and complicates teamwork across the value chain.

A New Competitive Equation in Insurance

The insurance industry is being reshaped by the collision of three major forces: brokers, business process service (BPS) providers, and AI vendors. Each plays a distinct role, but their interactions create a dynamic environment of disruptions and opportunities.

Transforming Insurance Underwriting with Hexaware’s Solution Offering

At Hexaware, we view insurance underwriting as a strategic enabler. By combining process optimization, technology enablement, and data intelligence, we empower underwriters to achieve higher efficiency, improved customer satisfaction, and accelerated top-line growth. Backed by real-world success stories, our solutions have transformed insurance underwriting practices for leading commercial and specialty insurers worldwide. Below, we align each benefit of our offerings with results from Hexaware’s case studies.

Driving Top-Line Growth

• Higher Quote-to-Bind Ratios
  By equipping underwriters with AI-driven tools to quote accurately, Hexaware has enabled a leading commercial and specialty insurer in the UK to achieve up to a high conversion rate. This improvement directly resulted in significant revenue growth and better alignment with underwriting strategies.
• Market-Specific Strategy Diversification
  Hexaware’s customizable solutions allow insurers to tailor underwriting approaches to specific markets and trends. This has empowered businesses to expand strategically while aligning with market-specific opportunities.
• Optimized Submission Management (80% Prioritization Accuracy)
  With AI-driven prioritization, underwriters can now focus on high-value submissions, maximizing Gross Written Premiums (GWP). For a prominent UK-based insurer, Hexaware’s solution delivered 80% prioritization accuracy, ensuring that resources were allocated to the most impactful submissions.

Enhancing User Satisfaction

Let’s explore how Hexaware enhances user satisfaction for both internal underwriters and external stakeholders:

Internal: Underwriters

• 75% Workflow Efficiency
  Hexaware’s innovative workflows and intelligent tools have significantly boosted underwriter efficiency, achieving a 75% increase in workflow efficiency for one of the UK’s leading commercial and specialty insurers. This improvement enables underwriters to make faster decisions, which not only enhances their productivity but also leads to greater job satisfaction. By reducing the time spent on manual tasks, underwriters can focus more on strategic decision-making and value-added activities.

External: Brokers, MGAs, and Agents

• Brokers and MGAs: Improved Visibility for Trust and Transparency
  Brokers and MGAs have benefited from enhanced visibility into underwriting appetites and faster quote generation, fostering trust and transparency across the value chain.
• Agents: 80% Quote Accuracy
  With a focus on delivering accurate and competitive quotes, Hexaware’s solutions strengthened client relationships and improved service quality. For a leading commercial broker, this has resulted in 80% quote accuracy, creating a competitive advantage in their market.

Achieving Operational Efficiencies

• Appetite Decision Speed
  Tools like Agentic AI in insurance underwriting have empowered underwriters to make appetite decisions swiftly, freeing up time for high-value analysis.
• Automated Triage (90% of Initial Triage Automated)
  Hexaware’s advanced AI solutions automate 90% of initial triage for complex accounts, ensuring timely prioritization. This automation has been successfully deployed at a leading UK insurer, streamlining their underwriting operations.

Accelerated Processing

Hexaware has successfully accelerated processing for one of the leading commercial and specialty insurers in the UK, demonstrating the transformative impact of underwriting AI agents.

• Up to 30% Faster Quote Issuance and 50% Reduction in Manual Data Entry Errors
  By harnessing AI tools like Agentic AI in insurance, Hexaware has empowered insurers to achieve 30% faster quote issuance. This acceleration is made possible through automated workflows that significantly reduce the potential for human error, leading to enhanced operational accuracy.
• Swift Escalations (High-Exposure Submissions Within 12 Hours)
  AI-powered workflows ensured that high-exposure submissions were flagged and escalated to underwriters within 12 hours, improving critical decision-making timelines.
• Automation at Scale
  Agentic AI automated compliance checks, risk assessments, and pricing, significantly reducing manual effort and errors while scaling operations seamlessly.
• Integrated Workflows (80% Workflow Integration)
  By unifying broker, MGA, and underwriter interactions into a single platform, Hexaware’s digital solutions eliminated redundancies and improved collaboration.

Maximizing Data Efficiencies

• Centralized Data Management (up to 90% Data Consolidation)
  Hexaware eliminated data silos for a leading commercial and specialty insurer, achieving up to 90% consolidation. This ensured a single source of truth for all operations, improving decision-making across the board.
• Enhanced Data Accuracy (up to 95% Data Quality Improvement)
  AI-driven validation tools, such as Agentic and Generative AI, drastically improved data accuracy, reducing errors in decision-making. For one of Hexaware’s clients, data extraction from unstructured internal and external sources saw a remarkable 95% accuracy improvement.
• Predictive Analytics for Optimized Pricing and Risk
  Hexaware’s advanced models provided actionable insights, enabling insurers to optimize pricing strategies and proactively identify risks through predictive analytics in underwriting.
• Real-Time Data Access
  With cloud-based solutions, insurers gained instant access to critical data insights, driving faster and more informed decisions.

The Path Forward

As brokers expand their operations, business process service providers adapt, and AI vendors continue to innovate, the insurance industry is moving away from traditional workflows and placing a greater emphasis on building meaningful customer relationships.

In this evolving landscape, success will depend on the ability to adapt quickly to change, embrace new technologies, and focus on enhancing the customer experience. AI-driven automation presents an opportunity for insurers to improve operational efficiency and accuracy, ultimately benefiting their clients.

At Hexaware, we are committed to supporting insurers as they navigate these changes and tackle the complexities of transformation. The future of underwriting is unfolding, marked by advancements such as our Digital Twin initiative. Contact us to learn how Hexaware can partner with you to foster insurance industry innovation, explore new opportunities, and contribute to the ongoing evolution of the insurance industry.