How insurtech is improving broker service at Miramar

Underwriters at Miramar are reaping the rewards of the introduction of new automated bot and artificial intelligence (AI) technology, but it’s brokers that are likely to experience the biggest benefits from the insurtech rollout.

Miramar property renewal underwriter, Rohan Lalchere, says the use of bot technology has improved renewal processing times and broker service at property and liability underwriter Miramar.

“We have a couple of bots that we use quite extensively now across both property and liability, for renewals and claims processing,” he says.

“Small, administrative tasks that used to take up human time are now done more efficiently and reliably using AI technology.”

How does the technology work and how is it being used at Miramar?

Mr Lalchere says that, so far, bot technology has been rolled out to assist with renewals, with about 95% of property renewals now completed with the aid of the bot.

The bot gathers and collates data and completes checks needed for renewal, with the information then emailed to an underwriter to assess and make an underwriting decision.

He says it’s a very efficient process for renewals that are considered standard. Should the bot encounter a renewal that is non-standard, it will flag this via email to an underwriter.

“Previously this admin work would typically take up a fair bit of underwriter time, so the bot reduces the time between beginning a renewal and getting terms to the broker.”

In addition, it removes much of the potential for human error, Mr Lalchere adds.

A similar bot is also being used by Miramar for claims data processing. Where previously data had to be manually inputted into the systems of Miramar’s third-party claims administrator, that process has now been automated, speeding up claims processing times.

What are the key benefits of AI technology?

Mr Lalchere says the introduction of AI at Miramar has highlighted the inefficiencies that previously existed and is leading to faster processing times and enhanced service for brokers.

“Our AI implementation is resulting in a series of small efficiencies and improvements that, when combined, are taking a substantial amount of the administrative burden off our underwriters. This means we have more time to make underwriting decisions, more time to focus on new business and more time to deliver better service to brokers by being available to discuss business with them.”

Future applications for AI

Mr Lalchere says the bot used for property renewals is currently undergoing upgrades that will further improve and streamline the renewal process.

“It’s going to be able to check Google Maps for property locations, grab a screenshot, layer it against flood mapping and send it to the underwriter to provide even more underwriting information,” he explains.

Bot technology is also being trialled for new business processing and to cross check closings received from brokers against details in the underwriting system.

For more information about how AI is being used at Miramar, you can contact Mr Lalchere at rlalchere@miramaruw.com.au.

Miramar Underwriting Agency Pty Ltd acts for the insurer, certain underwriters at Lloyd’s.