In this video, we will focus on the challenges experienced in receiving and collecting submissions. We'll explore the consequences of diverse submissions,

distributing them to multiple destinations and misclassifying submissions. Understanding these issues highlights the importance of streamlining submission processes for improved efficiency and accuracy in insurance operations. The insurance value chain involves multiple collaborating entities, ranging from clients and brokers to insurers entities, ranging from clients and brokers to insurers and various third party contributors. Throughout the value chain, brokers, insurers and other participants are not in control of the risk data they receive, which isn't always in a digital format. There are many different variations, and the data is often from dispersed sources like submission data. Internal or external risk varies. A lot. Software works well on deterministic problems. Risk submissions have a ton of variation.  It's a challenge to capture all those variations in a single system and be able to dynamically evolve data schemas as risk. Understanding evolving risk can be hard to understand by humans and computers alike, so we need risk professionals to interpret, compare, and ultimately standardise customer declarations and risk controls, bringing in their own experience and expertise. Digitisation is constrained by the amount of time these professionals can spare. First, let's explore the impact of the absence of uniformity.

The lack of standardisation and uniformity becomes even more challenging when considering scenarios like new business submissions or claims requests.

In these situations, inconsistencies lead to manual scrutinization and interpretation of data, which can lead to delays,errors, and increased manual intervention. It complicates a process for insurers who may encounter a variety of formats and requirements from different parties involved. This variability can hinder the automation and standardisation of workflows, making it harder to achieve efficient and accurate processing.

As a result, addressing these inconsistencies becomes crucial to enhance the overall efficiency and effectiveness of insurance operations. Furthermore, the insurance value chain commonly engages from a wide range of sources,each employee in its distinct formats, thereby adding to the complexity. This variety and format poses a challenge for insurers in effectively processing and assessing risks as they must accommodate the particular needs of each broker and navigate through diverse formats and document structures. For instance, globally insurers are getting perils data with inconsistencies in scoring.

As a result, this added complexity contributes to the operational challenges, potentially leading to inefficiencies in the underwriting process, slower turnaround, and potentially poorer service to brokers and clients overall.

The complexity of the submission processing underscores the importance of effective communication and coordination between key market players to ensure seamless digital processing, we'll now examine the impact of incorrectly classified submission types on the input process. Current procedures for managing misrouted submissions require manual corrections to guide them to the intended destination.

Typically, claims or underwriting assistance monitor incoming submissions and manually redirect or forward them to the relevant department. Automated systems may also assist by analysing submissions to determine the correct destination. While digital risk processing offers new technological capabilities, some existing processes may need to remain initially, especially during the transition period. Regulatory requirements may also mandate the retention of specific processes for accountability and compliance. For example, some carriers in the US are required to retain paper copy of some of their claim documentation.

Automation helps determine the correct destination for a submission, complementing digital risk processing capabilities. However, existing processes may need to coexist during the transition, possibly due to regulatory requirements for accountability and compliance. Therefore, digital risk processing implementation may need a phased approach to integrate new processes while ensuring continuity with current procedures.

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