Executive Summary
Loss runs sit at the heart of commercial insurance underwriting and broking. They’re the “credit report” of risk—detailing prior claims, paid amounts, reserves, and open/closed status—typically over 3–5 years. Today, getting and processing loss runs is slow and manual: brokers wait 7–10 business days for carriers to return reports and then spend additional time normalizing, keying, and summarizing data before marketing or renewal.
FurtherAI compresses this cycle from weeks to same-day by ingesting any loss run format (PDF/Excel/CSV), extracting and normalizing the data, and producing broker-ready summaries and exports—reducing manual effort and errors, accelerating remarkets/renewals, and improving win rates.
Why Loss Runs Matter
- Underwriting gatekeeper: Loss runs influence eligibility, pricing, and terms; they’re required and scrutinized in every marketing/renewal.
- Risk transparency: They summarize frequency/severity, paid vs. reserves, and open claims that drive the UW conversation.
- Standard, non-standard, and messy: While ACORD provides standards (e.g., ACORD Forms & Data Standards), real-world loss runs arrive in dozens of carrier formats, with inconsistent fields and layouts.
The Status Quo (Manual & Slow)
- Obtaining loss runs takes time: Carriers typically quote 7–10 business days to fulfill a loss-run request. In practice this can stretch longer, with many brokers reporting 3–5+ business days and escalation after 10 days if it stalls.
- Manual normalization & review: Once received, underwriters/brokers often take days to weeks to review, identify gaps, and ask for corrections—dragging the sales cycle and frustrating clients.
- Administrative drag: Many shops still rely on ACORD 611 request forms and email workflows to chase loss runs across multiple carriers—introducing follow-ups, rekeying, and versioning risk.
Impact: Prolonged cycle times delay marketing, compress bind windows, and reduce conversion. They also consume high-value producer/AE time on low-leverage data tasks.
FurtherAI’s Loss Run Processing Module
What it does
- Ingests any carrier format (PDF/Excel/CSV, multi-policy, multi-year).
- Extracts & normalizes claims fields (date of loss, line, status, paid, reserves, causes, large-loss flags).
- Deduplicates & stitches across carriers/years to build a single view of the insured’s history.
- Summarizes for action: Loss triangles, frequency/severity trends, top causes, open-claim watchlist, large-loss narratives.
- Exports anywhere: XLSX/CSV for raters, AMS/CRM sync, and broker-branded summaries for client/commercial submissions.
How it works (under the hood)
- Intelligent document processing tuned for loss runs (layout-aware OCR + field mapping), with human-in-the-loop QA when needed.
- Reusable AI components (classification, extraction, validation) aligned with broader underwriting/claims automation best practices.
Before vs. After
| Step |
Traditional Workflow |
With FurtherAI |
| Request |
ACORD 611 email, wait 7–10 business days (or longer). |
Unchanged request path, but once files arrive, automation takes over instantly. |
| Collect |
Multiple carrier emails, attachments, re-requests for missing years. |
One-click upload; system detects gaps and prompts for specific missing years/carriers. |
| Process |
Manual keying & spreadsheet work; days to weeks to review. |
Automated extraction/normalization in minutes; broker-ready summaries same-day. |
| Package |
Ad-hoc tables, inconsistent visuals. |
Standardized analytics, branded client summaries, clean CSV/XLSX for raters. |
| Outcome |
Compressed remarket window, fire drills near bind. |
Earlier marketing, cleaner negotiations, higher hit ratio. |
Quantified Benefits (Illustrative)
Assumptions for a mid-sized brokerage
- 200 commercial accounts/year
- ~3 carrier loss runs per account → 600 loss runs/year
- Manual effort per loss run (collect + normalize + summarize): ~1.5 hours
- Fully loaded ops cost: $40/hour
- AI reduces processing time by 70%
Annual time & cost now
- 600 × 1.5 h = 900 hours
- 900 h × $40/h = $36,000
With FurtherAI (70% time reduction)
- Hours saved: 900 h × 70% = 630 hours
- Cost saved: 630 h × $40/h = $25,200 per year (direct ops)
Cycle-time advantage
- Waiting to receive runs: 7–10 business days typical; manual review adds more days. With FurtherAI, once files arrive, analysis is same-day, pulling 1–2 weeks of latency out of the remarket/renewal path.
Revenue lift (illustrative)
- If faster/cleaner submissions improve conversion by even 1 additional win per quarter at $25k annualized revenue, that’s $100k+ incremental revenue—far overshadowing ops savings.
Broker & Client Experience Wins
- Fewer fire drills: More runway before bind; better carrier relationships.
- Data you can trust: Normalized, deduped, and validated fields cut back-and-forths.
- Professional outputs: Branded summaries your clients and carriers can act on immediately.
- Scalable operations: Automation at scale lowers back-office costs and accelerates service.
Implementation Snapshot
- Go-live in days: Map your preferred outputs (CSV/XLSX, AMS/CRM, rater templates).
- Works with your current process: Keep using ACORD 611 or carrier portals to request runs; drop the files into FurtherAI when they land.
- Controls & QA: Human-in-the-loop checkpoints for edge cases; export audit trails.
Conclusion
Loss run processing shouldn’t be the bottleneck between you and a faster, cleaner submission. The market reality is clear: obtaining loss runs typically takes 7–10 business days, and manual review often drags on for days or weeks. FurtherAI cuts the processing piece to same-day with accurate, structured data—unlocking 30%+ operational savings potential and up to 70% cycle-time reduction, with meaningful upside to revenue conversion.
