Accelerate Application Review with Automated Data Extraction

Underwriters spend significant time manually reviewing applications and related documents (e.g., financial statements, medical records) to extract key information needed for risk assessment. This manual process is slow and prone to errors. LLMs can read and process these complex documents in seconds, automatically extracting relevant data points like applicant details, financial health indicators, pre-existing conditions, or property characteristics. This frees underwriters from tedious data entry, allowing them to focus on evaluation and decision-making. For example, an LLM could parse a commercial insurance application package, extracting business revenue, industry code, loss history, and safety protocols automatically. Swiss Re estimates this automation can cut underwriting time by up to 70%.