Accueil » Stackathon Segments » Policy Renewal

The following vendor(s) were chosen

by the Stackathon broker participants

as their top choice(s) in Policy Renewal

Trufla Retention X-Ray

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Quandri

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Pathway

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Cemiar

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Policy Renewal Scoring Criteria

Automation of Renewal Notifications and Processes (5 points)
Description: The ability to automate renewal notifications, reminders, and policy renewals without manual intervention.
Considerations: Does the tool automatically send reminders for upcoming renewals? Can it automate the renewal process, including document generation
and approvals?

Client Communication and Engagement Features (5 points)
Description: The system’s ability to engage with clients through personalized communication (emails, texts, etc.) and ensure ongoing interaction to improve
retention.
Considerations: Can the tool send personalized, automated communication to clients during the renewal period? Does it provide multiple channels for
engagement?

AI Capabilities and Renewal Comparisons (5 points)
Description: The tool’s ability to use AI to analyze client data, predict renewals, or provide renewal comparisons to suggest better coverage or pricing.
Considerations: Does the tool leverage AI to predict which clients are likely to renew or churn? Can it offer renewal comparisons with different coverage
options or prices?

Integration with Policy Management and CRM Systems (5 points)
Description: How well the tool integrates with existing policy management and CRM systems to ensure seamless data exchange and real-time updatesAnalytics and updates?

Reporting on Retention Rates (5 points)
Description: The ability to track and report on retention rates, renewal performance, and client behavior insights to help brokers optimize retention
strategies.
Considerations: Can the tool provide detailed reports on renewal success rates, client retention, and churn? Are the analytics insightful for improving
retention efforts?


Ease of Use and Customization (5 points)
Description: The overall ease of use of the tool, including the ability to customize workflows and communications based on the broker’s needs.
Considerations: Is the tool easy to use and customize for specific client segments or renewal workflows? How flexible is it in adjusting settings to match
specific needs?


Pricing Model and Scalability (5 points)
Description: Evaluates the tool’s pricing structure, including whether it is charged per policy, per user, or if there are thresholds that impact pricing. This
criterion also considers scalability for brokers as their client base grows.
Considerations: Is the pricing based on a per-policy or per-user model? Are there thresholds that trigger changes in pricing? How scalable is the pricing
structure as the number of policies or users increases?

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Aligning with Regulatory Frameworks and Standards

Principles will align with international AI guidelines (e.g., ISO 42001, OECD frameworks) and industry-specific regulations (e.g., RIBO, OSFI, AMF) upheld by stakeholders. Adherence to legal standards will help organizations navigate jurisdictional requirements, promote sustainable practices, and prevent misuse of AI data

Encouraging Responsible Al Innovation

Principles will encourage the broker community to innovate responsibly by developing AI systems that prioritize consumer well-being, inclusivity, and fairness, while also assessing the societal, environmental, and economic impacts of their AI solutions

Promoting Accountability in AI Oversight

AI principles will reinforce accountability across all levels of organizations and third-party collaborators. By defining roles, ensure human oversight in AI processes, this enhances traceability, enables informed decision-making, and embeds mechanisms for ethical redress when errors or adverse outcomes occur

Ensuring Consumer Trust and Fairness

AI governance principles support commitment to transparency, fairness, and accountability. By requiring explainable outcomes and proactive consumer communication, it fosters trust among the broader broker community, their clients, and external stakeholders

Supporting Ethical Standards and Stakeholder Collaboration

By incorporating AI governance principles, broker members can align with its mission of fostering an ethical culture among its stakeholders Address biases, safeguard consumer protection, and promote inclusivity, which will reinforce commitment to ethical AI practices in collaboration with industry stakeholders, regulators, and third-party solution providers

PoC Use Case Overview: Al-Assisted Coverage Discovery & Gap Analysis

Technical Requirements

AI models with context on industry benchmarks and policy structures to interpret existing policy terms, endorsements, and clauses.

Integration with BMS to retrieve client profiles, exposure information, and historical policy data.

Data ingestion and continuous updates to ensure alignment with typical coverage patterns and industry guidance.

Data security and compliance features to protect client information.

Functional Scope

Analyze client-submitted data, including exposures, business context, and other relevant information.

Extract and interpret existing policy terms (e.g., endorsements, exclusions, clauses).

Benchmark against typical coverage patterns and industry guidance to identify coverage gaps.

Prioritize identified coverage gaps and provide rationale based on considerations such as industry standards and risk.

Recommend relevant products and coverage options tailored to the client profile, and generate summaries for client discussions.

AI-Powered Client Onboarding & Data Intake – Overview:
Proof of Concept (PoC) Use Case

Technical Requirements

BMS Integration: Integration with BMS for secure data capture and storage.

Applied ARS Integration: Integration with Applied ARS to enable automated quote generation.

Dedicated Parsers for Renewal: Document parsing capability for 5–6 carrier renewal documents with high accuracy.

Extensibility Framework: Modular architecture to support future enhancements and additional automation.

Functional Scope

AI Chatbot for Client Onboarding: Collect client information, answer onboarding questions, and guide users through the onboarding process.

Data Collection & Storage: Capture and store collected data directly in the broker’s BMS.

Document Processing: Enable clients to upload renewal documents and extract key data to accelerate the onboarding process.

Quotes Generation: Generate quotes based on collected information.