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Exdion EDGE Platform Automates Insurance Broker Policy Life Cycle

Exdion EDGE Platform Automates Insurance Broker Policy Life Cycle

New Platform Boosts Efficiency, Improves Accuracy, Speeds Processes, and Lowers Costs

Exdion Solutions, Inc. unveiled its new suite of commercial insurance policy servicing products, called Exdion EDGE.

“We have harnessed the latest technology to create a suite of products that will alter and improve how brokers manage their most important services”

The Exdion EDGE platform dynamically integrates various pieces of the policy lifecycle – renewal, new business acquisition, policy issuance administration and carrier coverage analysis, for seamless automation of many time-consuming processes that are often done manually. The Exdion EDGE platform’s suite of products include policy checking, quote compare, renewal, compliance, and data. It offers brokers the opportunity to tailor and streamline policy lifecycle procedures responding to evolving customer needs. The result: best-in-class, lean and scalable processes.

Exdion EDGE also employs the most current, state-of-the-art technology including artificial intelligence, machine learning and natural language processing.

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“We have harnessed the latest technology to create a suite of products that will alter and improve how brokers manage their most important services,” explains Sandeep Deva, Exdion’s vice president of product development.

Exdion is the first company to offer a comprehensive suite of insurance policy management software designed to address the ongoing industry issues of manual processing, employee overload, increased expenses, and broker errors and omissions.

“Exdion EDGE offers brokers the ability to obtain the best coverages available to meet the needs of their clients. Our suite of products dramatically improves an agency’s internal processes and reduces expense costs. It significantly improves the productivity of employees throughout the organization. In addition, Exdion EDGE draws important insights into the policy issuance process using its ability to extract information from unstructured data,” said Deva.

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The first product in the Exdion EDGE family is Exdion Policy Check. Policy Checking was introduced to the market in 2019 and now counts the major U.S. brokerage firms among its customers. Exdion Policy Check automates the process of policy issuance, speeding the delivery of a final insurance policy to the broker’s clients within days rather than weeks and months.

The Exdion EDGE platform includes:

  • Exdion POLICY CHECK: The product analyzes insurance policies, carrier quotes, limits, exclusions, and all policy language to identify and correct errors and omissions. The product enables a broker to send the final insurance policy to the policy holder within days after binding.
  • Exdion QCOMP: QCOMP automatically compares multiple carrier coverage quotes with the broker’s insurance proposal. QCOMP identifies key factors in each different carrier quote (such as premium pricing, retentions, limits, and exclusions) and reports items by carrier in a crisp view for ease of comparison.
  • Exdion QREV: QREV analyzes carriers quotes and recommends the best quote that meets customer’s identified needs and requirements. It can account for all the different variations among carrier quotes in a comprehensive analysis and recommendation.
  • Exdion RNU: RNU automates the renewal process that begins 120 days prior to the renewal date. It creates a renewal exposure summary which allows the client to solicit quotes from carriers for review and analysis.
  • Exdion DATA: DATA extracts important unstructured data from policies, carrier quotes, proposals, and ACORD forms for higher level analytics.
  • Exdion CCR: CCR is a contract compliance review that focuses on certificate issues and other related insurance policy documents. It also analyzes and manages contractual relationships with insurance agency vendors.

The Exdion EDGE suite of products are all powered by Exdion Extract, Exdion’s proprietary software engine that utilizes artificial intelligence, machine learning, and natural language processing. The Exdion EDGE platform offers brokers these unique benefits:

  • Lowers agency expense costs; improves agency efficiencies and increases employee productivity.
  • Enables personalized, custom service that improves decision making.
  • Provides greater control of internal processes and offers the ability to eliminate or cutback the use of outsourcing.
  • No capital expenditures.
  • Easy to use and integrates with agency management systems.

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[To share your insights with us, please write to sghosh@martechseries.com ]

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