Automating 93% of Data Aggregation with AI Agents Using Beam

By integrating into the existing underwriting infrastructure, Beam's AI agents automated 93% of data aggregation for a major US agri-insurance company, reducing median processing time by 82%. This resulted in a 7% increase in customer satisfaction and freed up underwriters to focus on complex risk assessments.

Key Outcomes

• 93% of data aggregation automated (15,000 data points a month)

• 82% reduction in median aggregation time

• 7% increase in NPS

Deep Dive: The Impact of AI Agents in Insurance

The insurance industry relies heavily on large amounts of accurate and timely data for underwriting. Our client, a major player in the US agri-insurance market, struggled with the manual processing of a high volume of inbound documents, including emails, PDFs, and spreadsheets.

This highly repetitive and labor-intensive task of extracting information from documents and uploading it into an internal database consumed valuable time and resources, preventing underwriters from focusing on more complex risk assessments.

The Solution: AI-Powered Data Extraction with Beam

Beam's AI agent was designed to seamlessly integrate into the company's existing underwriting infrastructure, minimizing disruptions and rapidly providing value. The agent follows the same standard operating procedures as human underwriters and integrates with the same third-party software tools they use.

The workflow could be broken down into three steps:

1. Receive and recognize a document (PDF, spreadsheet, etc.)

2. Extract the relevant data

3. Upload the extracted data to an internal database and notify an underwriter

The second step was by far the most complicated due to the wide range of document types and formats received. To shorten time-to-value, documents with the highest volume were tackled first before moving on to more niche types. This allowed roughly 65% of data extraction volume to be quickly automated.

In-Depth Results: Efficiency, Accuracy, and Customer Satisfaction

• 93% of Inbound Documents Automated: The routine data extraction of 15,000 points per month was handled swiftly and accurately, freeing up underwriters to concentrate on complex risk analysis and decision-making.

• 85% Reduction in Median Data Aggregation Time: The AI solution significantly accelerated the underwriting process, enabling faster policy issuance and improved responsiveness to customer needs.

• 7% Increase in NPS: Faster processing times and improved accuracy led to a significant increase in customer satisfaction, as measured by the Net Promoter Score (NPS).

Beam's AI-powered data aggregation solution has transformed the underwriting process for our client, a leading US agri-insurance company. By automating routine data extraction tasks, improving efficiency, and reducing costs, our solution empowers insurers to deliver faster and more accurate policy decisions.

Ready to optimize your underwriting process? Book a call and discover how Beam's AI agents can revolutionize your data aggregation and unlock new levels of efficiency.