Magic Submission - Product Overview
The Magic Formula:
- Extract: The purpose-built Al models read emails, unbundle complex combinations of ACORD forms, broker excels, custom forms, and other documents to convert extracted information into actionable data for underwriters.
- Enrich: Validate and enrich risk information such as Address, COPE, NAICS, ISO, Financial, Hazard, class codes and more with thousands of data sources.
- Experience: AI, humanised for a simple ‘human-in-the-loop’ experience. Business-driven workflow analyses the data in near real-time to make decisions on exceptions, errors, and approvals.
Why Magic Submission?
Without Magic Submission
With Magic Submission
Extraction times that last days/weeks
Extraction times that are minutes/hours
Limited risk data footprint
Thousands of data sources for risk insights
Inconsistent extraction
>98% extraction accuracy
Inconsistent risk classification (ISO, NAICS, SIC)
Consistent risk classification models (ISO/NAICS)
Cannot quickly scale for spikes
Resilient platform with auto scaling
Product Features
The AI-powered tool contextually reads unstructured and structured documents across all lines of business much like humans do in 87% less time.
Magic Submission understands the relationships and hierarchies of data across different documents and maintains these in the output JSON API.
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1.
Classify
1
Automatic document classification, based on text and images features.
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2.
Extract
2
Extract contextually-relevant information from unstructured and semi-structured data, leveraging purpose-built AI models.
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3.
Normalise
3
Submission data is normalised to target carrier data models.
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4.
Validate
4
Input data is validated, leveraging business rules or external sources.
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5.
Enrich
5
Append with additional exposure data for company or location, triangulated from external data sources.
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6.
Integrate
6
Integrate structured output to target system.
