Adsensa has introduced its Adsensa Submission Analysis offering for the North American P&C Insurance market.

Available for immediate delivery, Adsensa Submission Analysis is designed to assist P&C commercial and specialty lines insurers in transforming the underwriting process by automating much of the effort required to make sense of submissions.

While the Adsensa solution can be of value to any insurer looking to modernize and transform underwriting, Adsensa’s current target North American market is specialty lines insurers and mid-size commercial lines insurers.

The Adsensa software does the heavy lifting the moment a new submission hits an insurer’s inbox by extracting, organizing and analyzing key commercial and specialty lines submission data.

By capturing data early in the process, insurers are able to reduce manual data entry, the errors that come with it, and more quickly and easily assess risk appetite; optimizing underwriters’ time and enabling them to focus their expertise on high value risk analysis and decision making.

Adsensa global sales and marketing vice president Jeffrey Heine commented: “We are excited to formally introduce our Adsensa Submission Analysis for the North American market.

“While we have had a presence in North America since 2012 and have a number of North American customers, including a top 10 carrier and a leading mid-market carrier, we intentionally kept a low profile to invest the time and effort to fully understand this insurance market segment, its unique challenges, and to develop solutions specific to its needs.

“Before launching our Contract Certainty offering in 2007, we took the same pragmatic approach to first study the Lloyd’s market before development and introduction of our solution. Doing our homework upfront has served Adsensa and our UK customers well.

“With our North American offering now formally launched, we look forward to expanding our market footprint among the region’s P&C insurers and are already ramping up our North American operation based in Chicago.”

Enhancements developed specifically for the North American version of the Adsensa Submission Analysis software include: ability to intake the entire submission from any number of sources including agency management systems, portals, and email; and support for a wide-range of submission formats, such as ACORD forms, carrier forms, and supplemental attachments (including PDFs).

Commenting on the Adsensa launch news, Strategy Meets Action founder Deb Smallwood said: “The Adsensa value proposition is an attractive one for commercial lines insurers who continue to be challenged with the complexity of capturing and analyzing pdf and email submissions to improve the timeliness of risk selection and pricing.

“Being able to simplify and make sense of submissions and all the attachments, enables faster informed decisions earlier in the process of risk appetite and risk analysis.”

A sampling of the benefits insurers can anticipate from the Adsensa Submission Analysis offering include:

  • Shorten the time to quote – provide automated support to analyze, extract, and organize submission data most critical to the intake process.
  • Write the best fit business – easily identify submissions that best fit the insurer’s risk appetite, while avoiding submissions that do not.
  • Capture data, regardless of format – automatically extract more of the relevant data from a variety of submission formats, including: email, Word, PDF, images, spreadsheets, ACORD forms, and carrier and broker forms.
  • Gain access to a library of commons forms – utilize an extensive library of forms managed by Adsensa and updated as new industry forms are introduced.
  • Leverage intelligent data prep for use case – establish data capture rules across the entire submission to extract key attributes to pre-populate systems that drive rating, pricing, quotes, etc.
  • Create a trusted audit trail – track all actions in the submission analysis process, from capture to output, and use to support reporting and guide future decisions including renewals.