Addressing the Underwriting Bottleneck

Underwriters frequently encounter the challenge of processing vast amounts of unstructured data from submissions. This manual extraction process consumes valuable time and increases the risk of errors, leading to delayed decision-making and potential revenue loss.

Recognizing this industry-wide challenge, Veridion and SortSpoke have come together to address this problem head-on. By combining structured data extraction with real-time enrichment, the partnership helps underwriters shift their focus from gathering information to making faster, sharper risk decisions.

Partnership Overview: Combining Strengths for Enhanced Underwriting

Veridion, renowned for its comprehensive global business data, and SortSpoke, a leader in AI-powered document processing, have integrated their technologies to offer a seamless solution for underwriters. This collaboration allows for:

• Accelerated Data Extraction: SortSpoke’s AI-driven platform extracts critical information from complex, unstructured documents five times faster than traditional methods, maintaining 100% accuracy.
• Real-Time Data Enrichment: Veridion’s Match & Enrich API provides enriched company profiles, including firmographics, industry classifications, and geolocation data, ensuring underwriters have access to the most current and relevant information.
• Seamless Integration: The combined solution eliminates the need for custom code or manual triaging, allowing for real-time decision-making and streamlined policy binding .

Key Benefits for This Partnership

Enhanced Capabilities

• Accelerated Underwriting: The integration allows underwriters to process submissions more efficiently, reducing turnaround times and increasing throughput.
• Improved Data Accuracy: By combining AI extraction with real-time data enrichment, underwriters receive accurate and comprehensive information for risk assessment.

Improved Outcomes

• Reduced Operational Costs: Automation of data extraction and enrichment minimizes manual labor, leading to cost savings.
• Scalable Operations: The solution enables insurers to handle increased submission volumes without additional staffing.

Implementation Timeline

The integrated solution is available immediately for existing customers of Veridion and SortSpoke. Implementation can be completed within a few weeks, depending on the specific requirements and existing infrastructure of the insurer.

Industry Impact and Strategic Vision

This partnership addresses a critical need in the insurance industry: the efficient processing of unstructured data for underwriting purposes. By automating data extraction and enrichment, underwriters can focus on strategic decision-making, improving risk selection, and enhancing customer satisfaction. This collaboration sets a new standard for underwriting efficiency and accuracy in the insurance sector.

Leadership Perspectives

Jasper Li, CEO of SortSpoke, stated,

“This partnership with Veridion represents exactly what we envisioned when we built SortSpoke’s human-in-the-loop AI platform. By combining our ability to extract critical data from complex documents with Veridion’s enriched company profiles, underwriters now have everything they need at their fingertips, enabling them to focus on what they do best: making informed risk decisions.”

Florin Tufan, CEO & Co-founder, commented, “At Veridion, we’re committed to delivering the most complete, accurate, and context-rich business data to power better decisions. This partnership with SortSpoke brings together two critical layers of insight—unstructured document intelligence and structured company data—giving underwriters a powerful new advantage in risk assessment and decision-making.”

What This Means for You

For insurers, MGAs, and BPOs, this partnership offers a transformative solution to the challenges of underwriting. By integrating SortSpoke’s AI-powered document processing with Veridion’s enriched business data, underwriters can:

• Process submissions faster and more accurately.
• Reduce operational costs and manual labor.
• Improve risk assessment and decision-making.

About SortSpoke: AI-Powered Document Processing

SortSpoke specializes in transforming unstructured documents into structured data using a human-in-the-loop AI approach. This ensures that while AI handles the heavy lifting of data extraction, underwriters retain control and oversight, maintaining compliance and accuracy. SortSpoke’s platform is trusted by insurance carriers, MGAs, and BPOs to enhance submission intake efficiency and reduce operational costs .

About Veridion: Comprehensive Global Business Data

Veridion offers an extensive database covering over 134 million operating companies across more than 250 countries. Its Match & Enrich API delivers enriched business profiles, providing underwriters with essential firmographic data, industry codes, and geolocation information. With weekly data refreshes, Veridion ensures that underwriters have access to the most up-to-date information, enhancing risk assessment and decision-making processes.

To learn more about how this partnership can benefit your organization, or contact our sales team for a personalized demo.