Biggest Challenges

The insurance industry is transforming rapidly, driven by technological innovation, and increasing customer expectations. As a leader in the Canadian insurance space, Billyard Insurance Group (BIG) is at the forefront of addressing some of the industry’s most persistent challenges. 

From eliminating errors and omissions to enhancing broker productivity, BIG has leveraged innovative AI solutions and process automation to drive operational efficiency, compliance, and stronger market relationships. Here’s how BIG is addressing major industry challenges and establishing itself as a leader in insurance.

1. Eliminating Errors and Omissions with Precision

Avoiding errors and omissions is a priority for everyone in the insurance industry. Inaccurate policy submissions can lead to disputes, delayed claims, and financial losses for brokers and clients. BIG has directly addressed this issue by developing its Precision platform, a powerful AI-driven tool that eliminates human error during the underwriting and policy initiation processes.

Precision ingests and analyzes vast amounts of data from multiple sources, identifying potential inaccuracies before they become costly errors. By automating the submission process and flagging inconsistencies in real-time, BIG ensures that every policy is underwritten correctly, accurately reflecting client needs and minimizing the risk of errors and omissions. This focus on accuracy protects clients and bolsters broker relationships with insurance carriers, reducing the need for manual oversight and corrections.

“As the insurance industry grows, driven by evolving risk profiles and digital innovation, brokerages must navigate regulatory challenges and mitigate the risk of errors and omissions to succeed. With Precision, we’ve tackled these challenges head-on by leveraging AI to implement safeguards and minimize errors. This proactive approach ensures better outcomes for both brokers and their customers.” says Stephen Billyard, CEO of Billyard Insurance Group.

2. Streamlining the Underwriting Process

The underwriting process has traditionally been labour-intensive and time-consuming, often leading to policy issuance delays. BIG recognized this bottleneck and introduced technology solutions to streamline the process. Leveraging the power of AI, BIG has reduced the complexity involved in underwriting by automating key aspects of data collection, analysis, and policy creation.

By integrating robotic process automation (RPA) into their systems, BIG has sped up the underwriting process and ensured a higher degree of accuracy. Precision facilitates an underwriting-by-exception model that minimizes subjectivity and ambiguity by ingesting submission documents to ensure consistency and accuracy throughout the underwriting process. This significantly reduces the risk of errors, protecting clients and increasing underwriters’ confidence as a result.

RPA manages repetitive tasks that previously required manual intervention, such as entering data and verifying information. The automation frees up underwriters and brokers to focus on more strategic, value-added activities, such as customizing policies for clients or building deeper relationships with insurance carriers.

BIG’s technology has significantly reduced the time it takes to issue a policy, enhancing the overall customer experience. Clients benefit from faster policy approvals, and brokers are empowered to process more business, increasing productivity and profitability.

3. Enhancing Broker Productivity with AI and RPA

With AI-powered automation streamlining the administrative burden on brokers, they are able to service more clients in less time. By using AI to flag potential issues early in the policy submission process, brokers can avoid delays and ensure that the correct coverage is in place from the start.

BIG’s commitment to improving broker efficiency is evident in its strategic use of AI and robotic process automation. Providing brokers with powerful insurance technology allows them to operate efficiently and accurately while executing routine, time-consuming tasks. The administrative efficiencies gained help to free up brokers to focus on what matters most – servicing their clients and expanding their books of business.

“Our technology allows brokers to spend more time doing what they do best—building relationships and delivering personalized service—while letting AI handle the repetitive tasks that used to bog them down,” says Stephen. 

4. Improving Market Relationships with Technology

Strong relationships with market partners are essential for long-term success in the insurance industry. BIG has leveraged advanced technology to streamline internal processes and enhance these partnerships by ensuring accurate and compliant policy submissions. By building the Precision platform with the markets’ needs in mind, BIG’s forward-looking approach reduces risk and builds trust with its market partners. Precision plays a crucial role by helping brokers submit policies that meet market guidelines, minimizing disputes and errors, and further strengthening relationships between BIG, its brokers, and insurance partners.

5. Setting the Standard for Compliance

Compliance is a critical concern in an industry as highly regulated as insurance. Any deviation from regulatory guidelines can lead to severe consequences, including fines, loss of business, or damage to the broker’s reputation. BIG has made compliance a cornerstone of its business model, leveraging technology to minimize non-compliance risk.

Precision ensures that all policy submissions are compliant with current regulations. By automatically checking submissions against market-specific guidelines and regulatory requirements, BIG reduces the likelihood of compliance issues. This proactive approach protects the company and its brokers and provides peace of mind to clients, who know that their policies provide the appropriate coverage for their situation.

Staying ahead of industry challenges is essential for success in the ever-evolving insurance landscape. Billyard Insurance Group (BIG) is leading the charge by embracing cutting-edge technology and innovative solutions like AI, RPA, and its Precision platform to address key pain points in the industry. 

By eliminating errors and omissions, streamlining the underwriting process, enhancing broker productivity, strengthening market relationships, and ensuring compliance, BIG is overcoming these challenges and setting new standards for insurance excellence. With a commitment to continuous improvement and forward-thinking solutions, BIG is well-positioned to shape the insurance industry’s future.