Accelerate policy turnaround time by generating insights from Quote, Binder, and Policy documents with Magic Placement
Designed for retail and wholesale brokers, insurance agents,E&S carriers, Excess underwriters and MGAs
Reduce the risk of E&O claims by eliminating discrepancies and errors in insurance documents
Insurance brokers and agents face significant challenges in policy reviews and verifications, leading to delays, increased risks of E&O claims, and dissatisfied customers. Magic Placement cuts down insurance document review time and streamlines the verification process, ensuring faster and more accurate documents.
Magic Placement extracts and reviews crucial entities from quotes, binders and policies and reduces manual policy-checking
Magic Placement's AI-driven document comparison, analysis, and error detection capabilities automate the manual policy-checking process and reduce the risk of human errors.
Policy Analysis
- Perform an "underlying policy" analysis in minutes to ensure you're following the right terms and conditions.
- Identify critical discrepancies between items such as limits, deductibles, insured details, and exclusions between quotes, binders, and policies to manage renewals, endorsements, and new quotes effectively.
- Analyze individual documents and understand complicated policy language from top to bottom.
Quote/Policy/Binder/ Comparison
- Compare quotes, binders, and policies to identify similarities and discrepancies, ensuring that all critical requirements are accurately included and remain unchanged.
- Apply your own checklist to cover the most crucial checkpoints and policy details.
- Call out key differences between fields and document language for faster and more informed decision-making.
Quote Analysis
- Ensure all critical terms and details are in line with the requirements of the insured and the specifications are clearly defined.
- Identify critical discrepancies between items such as limits, deductibles, insured details, and exclusions to determine the most suitable quote.
- Analyze individual quote document and understand complicated document language from top to bottom.
Quote Comparison
- Quickly assess and compare quotes from different carriers to identify the best rates and coverage options.
- Apply your own checklist to cover the most crucial checkpoints and quote details.
- Call out key differences between fields and document language for faster and more informed decision-making.
Quote/Policy Analysis
- Extract crucial details to convert carrier quotes into your own format in minutes.
- Ensure the individual quotes from carriers and the compiled policy aligns with the insured's requirements.
- Identify discrepancies between quotes and compiled policies including limits, deductibles, insured details, exclusions, and terms.
- Analyze individual documents and understand complicated policy language from top to bottom.
Quote/Policy Comparison
- Compare quotes from different carriers to locate similarities and inconsistencies and ultimately ensure that the final policy best fits the requirements of the brokers and the needs of the insured.
- Apply your own checklist to cover the most crucial checkpoints and quote/policy details.
- Call out key differences between fields and document language for faster and more informed decision-making.
Connect with a product expert to learn more about Magic Placement
Safeguard against hidden risks and claims
Detect risks in time by streamlining your policy checking process. Be 100% assured with Magic Placement’s robust capabilities.
Gen AI-powered Document Comparison
Seamlessly detect inconsistent fields with unparalleled accuracy.
Customizable Checklists
Tailor to your product/ line-specific checklist to cover all critical aspects, ensuring comprehensive assessments.
Format Agnostic
Compare and analyze documents in the way you receive them -regardless of format.
Human in the loop
Ensure ~100% accuracy of documents by augmenting the AI-powered policy-checking process with human expert intervention at no extra charge.
Document Analysis
Utilize Generative AI for in-depth analysis, summarization, and error detection, streamlining policy review processes.
User-Friendly Interface
Designed for ease of use, enabling quick adoption and efficient operation across various insurance documents.
Intelligent Mapped Referencing
View document snippets in real time to enjoy full traceability and take guesswork out of the process.
Learn about Magic Placement's capabilities!
Experience unparalleled benefits with Magic Placement
Enhanced Operational efficiency
Significantly reduce the time required for policy checking from hours to minutes.
Error Reduction
Minimize the risk of overlooking critical details, enhancing policy accuracy and reducing the likelihood of E&O claims.
E&O Exposure Reduction
Eliminate errors in policy documents, mitigating the risk of financial losses via E&O claims.
Speed
Automation allows for quicker policy turnaround times, eliminating backlogs that can develop with manual processing, especially during peak renewal periods.
Cost Savings
Reduces the need for additional personnel to perform policy-checking tasks, resulting in significant cost savings for agents and brokers.
Magic Placement is a flexible offering, designed to meet your needs across the different stages of the policy lifecycle
One solution, as you need it!
- Stand Alone
- Compare and Analyze documents
- Use Case agnostic
- Workbench integrated
- Compare and Analyze documents from Carriers
- Integrated into existing BMS
- Micro-service
- Compare documents
- Analyze documents
- Scalable and flexible for diverse operational needs.
- Adaptable across various systems and policy lifecycle stages
Sign up for a demo of Magic Placement today!
Connect with a product expert to see how the product can revolutionize document comparison and analysis.
