{"id":24464,"date":"2024-12-05T14:11:55","date_gmt":"2024-12-05T11:11:55","guid":{"rendered":"https:\/\/insly.com\/en\/?p=24464"},"modified":"2024-12-05T14:12:10","modified_gmt":"2024-12-05T11:12:10","slug":"new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format","status":"publish","type":"post","link":"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/","title":{"rendered":"New Insly AI tool allows MGAs and insurers to process broker submissions in any format"},"content":{"rendered":"
<\/div>

AI-powered tool enables MGAs and insurers to handle more quotes, boost sales, improve data quality, reduce servicing costs, and accelerate processing time.\u00a0<\/span><\/i><\/p>\n

5 December 2024: <\/b>Insly<\/span><\/a>,<\/span> the low-code software provider to the insurance industry, has launched its first AI-powered solution, <\/span>FormFlow<\/span><\/a>, which removes a critical bottleneck in the relationship between MGAs, insurers, and their broker partners.\u00a0<\/span><\/p>\n

The new tool, built following customer demand, captures data submitted by brokers in any format so it can be processed by quote and bind systems. This eliminates the need to re-key data, enabling MGAs and insurers to fulfill a higher volume of quotes, faster.\u00a0<\/span><\/p>\n

MGAs and insurers rely on brokers to distribute their products, however, a bottleneck exists where brokers must either fill out quote forms for multiple MGAs and insurers or send risk details<\/span> v<\/span>ia email and document attachments. If they opt for the latter, it falls on underwriters to re-key the data, which is time-consuming, costly, prone to manual error and delays the quote process.\u00a0<\/span><\/p>\n

In many cases, the cost and time required for MGAs and insurers to process numerous email submissions means many slip through the cracks. Insly estimates that underwriting teams currently handle only 30 to 50% of broker submissions, leading to a substantial loss of potential sales, and damage to broker and customer relationships.\u00a0<\/span><\/p>\n

FormFlow removes this bottleneck by enabling brokers to submit risk details in any language and format, including PDFs, images, emails, or even handwritten text. The AI tool uses a combination of AI systems to extract information from broker documents and then map this into MGA and insurer templates, augmenting where possible with third-party data online. The system upholds the highest data security and privacy standards, ensuring each client’s data remains separate and secure.<\/span><\/p>\n

Insly estimates that used alone, Formflow can increase the proportion of quotes processed by MGAs and insurers to between 60 and 70%, and when used alongside an automated underwriting system this number could rise to 80 to 90%. It also reduces quote processing from days to minutes, and by augmenting with third-party data, increases the volume and quality of data for insurance underwriting by at least 10 times.<\/span><\/p>\n

\u201cMGAs and insurers are losing out on a significant volume of potential sales due to a data-processing challenge,\u201d comments Risto Rossar, CEO and Founder of Insly. \u201cOur Insly Innovation Lab has been researching and testing the best uses for AI in insurance processes and this is an area where the technology adds huge value.\u00a0<\/span><\/p>\n

\u201cThe tool we\u2019ve created removes a huge cause of inefficiency, helping brokers and underwriters to collaborate more effectively, and aiding customers in sourcing the best cover for their needs. We\u2019re excited to put FormFlow to work with existing and new customers, helping MGAs and insurers maximise their broker relationships and accelerate sales.\u201d\u00a0<\/span><\/p>\n

FormFlow can be used with any IT system, or where an MGA or insurer has no software, it adds value through digitising customer information in a structured format, augmenting it with third-party data for fast, efficient underwriting.<\/span><\/p>\n

ENDS<\/b><\/p>\n

For further information, please contact: <\/b>
\n<\/span>Anna King<\/span>
\n<\/span><\/a>
\n<\/span>About Insly \u00a0<\/b>
\n<\/span>Since 2013, Insly has been on a mission to help MGAs and insurance companies deliver better products, service, and profitability through flexible low-code software.<\/span><\/p>\n

Founded by Risto Rossar, who established the first digital insurance broker in the world in 2000, Insly is built on deep insurance and technology expertise, with products designed around the exact needs of MGAs and insurers. Fast to implement, Insly\u2019s modular solutions span the entire insurance lifecycle, enabling MGAs and insurers to build a system that fits their evolving needs, while integrating seamlessly through open APIs. Improved workflows and automation mean Insly customers can handle on average double the gross written premium (GWP) as with their previous systems while gaining business visibility and insights to take their business to the next level.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

AI-powered tool enables MGAs and insurers to handle more quotes, boost sales, improve data quality, reduce servicing costs, and accelerate processing time.\u00a0 5 December 2024: Insly, the low-code software provider to the insurance industry, has launched its first AI-powered solution, FormFlow, which removes a critical bottleneck in the relationship between MGAs, insurers, and their broker […]<\/p>\n","protected":false},"author":12,"featured_media":24466,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[23,78,335],"tags":[399,26],"class_list":["post-24464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ens-product","category-mga","category-press_release","tag-ai","tag-insurance-innovation"],"acf":[],"yoast_head":"\nNew Insly AI tool allows MGAs and insurers to process broker submissions in any format - Insly<\/title>\n<meta name=\"description\" content=\"FormFlow is AI-powered tool enables MGAs and insurers to handle more quotes, boost sales, improve data quality, reduce servicing costs, and accelerate processing time.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Insly AI tool allows MGAs and insurers to process broker submissions in any format - Insly\" \/>\n<meta property=\"og:description\" content=\"FormFlow is AI-powered tool enables MGAs and insurers to handle more quotes, boost sales, improve data quality, reduce servicing costs, and accelerate processing time.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/\" \/>\n<meta property=\"og:site_name\" content=\"Insly - Design & deliver insurance products\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/inslycom\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-05T11:11:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-05T11:12:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insly.com\/wp-content\/uploads\/2024\/12\/FormFlow-press-release-blog.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2004\" \/>\n\t<meta property=\"og:image:height\" content=\"782\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Mohammadreza Gharaeiyan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@insly_com\" \/>\n<meta name=\"twitter:site\" content=\"@insly_com\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mohammadreza Gharaeiyan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/\"},\"author\":{\"name\":\"Mohammadreza Gharaeiyan\",\"@id\":\"https:\/\/insly.com\/en\/#\/schema\/person\/950c68d1ff5bf7ef863ec7ad752aa8e5\"},\"headline\":\"New Insly AI tool allows MGAs and insurers to process broker submissions in any format\",\"datePublished\":\"2024-12-05T11:11:55+00:00\",\"dateModified\":\"2024-12-05T11:12:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/\"},\"wordCount\":644,\"publisher\":{\"@id\":\"https:\/\/insly.com\/en\/#organization\"},\"image\":{\"@id\":\"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insly.com\/wp-content\/uploads\/2024\/12\/FormFlow-press-release-blog.png\",\"keywords\":[\"AI\",\"insurance innovation\"],\"articleSection\":[\"Insly News & Product\",\"MGA\",\"Press Release\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/\",\"url\":\"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/\",\"name\":\"New Insly AI tool allows MGAs and insurers to process broker submissions in any format - Insly\",\"isPartOf\":{\"@id\":\"https:\/\/insly.com\/en\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insly.com\/wp-content\/uploads\/2024\/12\/FormFlow-press-release-blog.png\",\"datePublished\":\"2024-12-05T11:11:55+00:00\",\"dateModified\":\"2024-12-05T11:12:10+00:00\",\"description\":\"FormFlow is AI-powered tool enables MGAs and insurers to handle more quotes, boost sales, improve data quality, reduce servicing costs, and accelerate processing time.\u00a0\",\"breadcrumb\":{\"@id\":\"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/#primaryimage\",\"url\":\"https:\/\/insly.com\/wp-content\/uploads\/2024\/12\/FormFlow-press-release-blog.png\",\"contentUrl\":\"https:\/\/insly.com\/wp-content\/uploads\/2024\/12\/FormFlow-press-release-blog.png\",\"width\":2004,\"height\":782,\"caption\":\"FormFlow by Insly\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/insly.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"New Insly AI tool allows MGAs and insurers to process broker submissions in any format\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/insly.com\/en\/#website\",\"url\":\"https:\/\/insly.com\/en\/\",\"name\":\"Insly - Design & deliver insurance products\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/insly.com\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/insly.com\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/insly.com\/en\/#organization\",\"name\":\"Insly.com\",\"url\":\"https:\/\/insly.com\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/insly.com\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/insly.com\/wp-content\/uploads\/2021\/08\/insly_mainHQ.png\",\"contentUrl\":\"https:\/\/insly.com\/wp-content\/uploads\/2021\/08\/insly_mainHQ.png\",\"width\":4029,\"height\":2083,\"caption\":\"Insly.com\"},\"image\":{\"@id\":\"https:\/\/insly.com\/en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/inslycom\",\"https:\/\/x.com\/insly_com\",\"https:\/\/www.instagram.com\/workininsly\",\"https:\/\/www.youtube.com\/channel\/UC0njxLdcXgKFKciaoXDF-1A\",\"https:\/\/www.linkedin.com\/company\/inslytech\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/insly.com\/en\/#\/schema\/person\/950c68d1ff5bf7ef863ec7ad752aa8e5\",\"name\":\"Mohammadreza Gharaeiyan\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"New Insly AI tool allows MGAs and insurers to process broker submissions in any format - Insly","description":"FormFlow is AI-powered tool enables MGAs and insurers to handle more quotes, boost sales, improve data quality, reduce servicing costs, and accelerate processing time.\u00a0","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/","og_locale":"en_US","og_type":"article","og_title":"New Insly AI tool allows MGAs and insurers to process broker submissions in any format - Insly","og_description":"FormFlow is AI-powered tool enables MGAs and insurers to handle more quotes, boost sales, improve data quality, reduce servicing costs, and accelerate processing time.\u00a0","og_url":"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/","og_site_name":"Insly - Design & deliver insurance products","article_publisher":"https:\/\/www.facebook.com\/inslycom","article_published_time":"2024-12-05T11:11:55+00:00","article_modified_time":"2024-12-05T11:12:10+00:00","og_image":[{"width":2004,"height":782,"url":"https:\/\/insly.com\/wp-content\/uploads\/2024\/12\/FormFlow-press-release-blog.png","type":"image\/png"}],"author":"Mohammadreza Gharaeiyan","twitter_card":"summary_large_image","twitter_creator":"@insly_com","twitter_site":"@insly_com","twitter_misc":{"Written by":"Mohammadreza Gharaeiyan","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/#article","isPartOf":{"@id":"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/"},"author":{"name":"Mohammadreza Gharaeiyan","@id":"https:\/\/insly.com\/en\/#\/schema\/person\/950c68d1ff5bf7ef863ec7ad752aa8e5"},"headline":"New Insly AI tool allows MGAs and insurers to process broker submissions in any format","datePublished":"2024-12-05T11:11:55+00:00","dateModified":"2024-12-05T11:12:10+00:00","mainEntityOfPage":{"@id":"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/"},"wordCount":644,"publisher":{"@id":"https:\/\/insly.com\/en\/#organization"},"image":{"@id":"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/#primaryimage"},"thumbnailUrl":"https:\/\/insly.com\/wp-content\/uploads\/2024\/12\/FormFlow-press-release-blog.png","keywords":["AI","insurance innovation"],"articleSection":["Insly News & Product","MGA","Press Release"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/","url":"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/","name":"New Insly AI tool allows MGAs and insurers to process broker submissions in any format - Insly","isPartOf":{"@id":"https:\/\/insly.com\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/#primaryimage"},"image":{"@id":"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/#primaryimage"},"thumbnailUrl":"https:\/\/insly.com\/wp-content\/uploads\/2024\/12\/FormFlow-press-release-blog.png","datePublished":"2024-12-05T11:11:55+00:00","dateModified":"2024-12-05T11:12:10+00:00","description":"FormFlow is AI-powered tool enables MGAs and insurers to handle more quotes, boost sales, improve data quality, reduce servicing costs, and accelerate processing time.\u00a0","breadcrumb":{"@id":"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/#primaryimage","url":"https:\/\/insly.com\/wp-content\/uploads\/2024\/12\/FormFlow-press-release-blog.png","contentUrl":"https:\/\/insly.com\/wp-content\/uploads\/2024\/12\/FormFlow-press-release-blog.png","width":2004,"height":782,"caption":"FormFlow by Insly"},{"@type":"BreadcrumbList","@id":"https:\/\/insly.com\/en\/blog\/new-insly-ai-tool-allows-mgas-and-insurers-to-process-broker-submissions-in-any-format\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/insly.com\/en\/"},{"@type":"ListItem","position":2,"name":"New Insly AI tool allows MGAs and insurers to process broker submissions in any format"}]},{"@type":"WebSite","@id":"https:\/\/insly.com\/en\/#website","url":"https:\/\/insly.com\/en\/","name":"Insly - Design & deliver insurance products","description":"","publisher":{"@id":"https:\/\/insly.com\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/insly.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/insly.com\/en\/#organization","name":"Insly.com","url":"https:\/\/insly.com\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/insly.com\/en\/#\/schema\/logo\/image\/","url":"https:\/\/insly.com\/wp-content\/uploads\/2021\/08\/insly_mainHQ.png","contentUrl":"https:\/\/insly.com\/wp-content\/uploads\/2021\/08\/insly_mainHQ.png","width":4029,"height":2083,"caption":"Insly.com"},"image":{"@id":"https:\/\/insly.com\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/inslycom","https:\/\/x.com\/insly_com","https:\/\/www.instagram.com\/workininsly","https:\/\/www.youtube.com\/channel\/UC0njxLdcXgKFKciaoXDF-1A","https:\/\/www.linkedin.com\/company\/inslytech\/"]},{"@type":"Person","@id":"https:\/\/insly.com\/en\/#\/schema\/person\/950c68d1ff5bf7ef863ec7ad752aa8e5","name":"Mohammadreza Gharaeiyan"}]}},"_links":{"self":[{"href":"https:\/\/insly.com\/en\/wp-json\/wp\/v2\/posts\/24464"}],"collection":[{"href":"https:\/\/insly.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/insly.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/insly.com\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/insly.com\/en\/wp-json\/wp\/v2\/comments?post=24464"}],"version-history":[{"count":5,"href":"https:\/\/insly.com\/en\/wp-json\/wp\/v2\/posts\/24464\/revisions"}],"predecessor-version":[{"id":24482,"href":"https:\/\/insly.com\/en\/wp-json\/wp\/v2\/posts\/24464\/revisions\/24482"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/insly.com\/en\/wp-json\/wp\/v2\/media\/24466"}],"wp:attachment":[{"href":"https:\/\/insly.com\/en\/wp-json\/wp\/v2\/media?parent=24464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/insly.com\/en\/wp-json\/wp\/v2\/categories?post=24464"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/insly.com\/en\/wp-json\/wp\/v2\/tags?post=24464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}