The Challenge

Commercial underwriting relies on a robust understanding of a company’s financial health. By comparing financial statements (and quarterly and annual reports) to the application data, underwriters can identify potential undisclosed losses (such as unreported income). Financial statements can also reveal whether a company could cover the deductible of a claim if the company chooses to take on more risk.

Underwriters, who typically need only a few critical data points from financial statements, are often faced with navigating pages of dense information. Therefore, manual data extraction is not only time-consuming but also becomes a bottleneck for insurers aiming to grow.

The Solution

We’ve worked closely with underwriters to create a specialised data extraction tool for insurers. Financial Statements AI reads, captures and validates the relevant data from financial statements, outputting it in a structured, downloadable format. Not only does our solution extract relevant data, but also leverages it to compute key insights like Gross Profit, EBITDA and EBIT. In subsequent versions of Financial Statements AI, insurance professionals will have access to Financial Ratios. 

Moreover, our solution guarantees speed and accuracy with multi-language documents or low-quality scans. Financial Statements AI is designed for insurers serving international markets, blending robustness with flexibility for peak efficiency.

In sum, Financial Statements AI eliminates manual data entry from underwriting, enhancing the speed and accuracy of data handling for insurers.

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