Microsoft Scenario Library Financial Services Insurance – Modernize underwriting processes

Available with: Microsoft 365 Copilot and Copilot Studio

Financial Services scenario: Insurance – Modernize underwriting processes

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Scenario

Use Copilot to modernize underwriting processes

Use AI to assist with creating new customer polices and presenting quotes for coverage proposals to customers.

1. Summarize and prioritize emails

Insurance underwriters receive large amounts of emails. Responding quickly to critical issues and requests for quotes helps improve customer satisfaction and can increase revenue.

Microsoft Copilot icon

Microsoft 365 Copilot Chat2

Benefit: Summarize and prioritize emails received that require attention and look deeper into the emails that are most urgent.

Meet with an existing customer to discuss some changes they would like to make to their coverages on a complex commercial insurance policy.

Microsoft Teams icon

Copilot in Teams

Benefit: Ensure call transcripts are captured, and important points are summarized.

In addition to gathering property risk, the underwriter also provides customer information and history including other policies, history of compliance, fraudulent claims, etc.

Copilot Studio icon

AI Agent

Benefit: Copilot provides a historical summary of the customer by extracting the customer’s name from original email, sending to insurance history app, and providing a summary of existing properties for review.

Use Copilot in Word to create the proposal based on the existing policy and required updates.

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Copilot in Word

Benefit: Quickly create a draft of a new policy based on existing language.

Ask Copilot to create a summary of the differences between the existing policy and the proposal.

Microsoft Copilot icon

Microsoft 365 Copilot Chat2

Benefit: Summarize complex documents into a simple table of differences. Add the summary to the introduction of the proposal.

Use Copilot in PowerPoint to create a presentation from the Word document to prepare for the customer meeting.

PowerPoint icon

Copilot in PowerPoint

Benefit: Turn Word documents into presentations that highlight the important points for a customer presentation.

KPIs

Opportunity to impact key functional area KPIs

Generate insights and content within the everyday flow of work, expedite investigations, and communicate more effectively to prevent and remediate compliance issues.
Speed data analysis and reporting
  • Quickly analyze trends
  • Generate informative charts
  • Create strategy presentations

Improve productivity by leveraging automation to quickly prioritize and accomplish daily tasks, optimize processes, and save time and effort on daily tasks.
Boost productivity
  • Rapidly research customer interactions
  • Create first drafts faster
  • Check for similar issues and resolutions
  • Quickly send follow-up communications

Differentiate customer interactions from competitors to help increase market share; Reduce the time for comprehensive portfolio evaluation with change recommendations reflecting market dynamics; Build trust and confidence among clients leading to increased number of active investors. 
Improve customer meetings
  • Research company information
  • Learn how to pitch the product
  • Organize information from past interactions
  • Completely focus during the meeting

Streamline operations for faster resolution of customer issues, providing tools for decision-making and strategy development. This can lead to higher customer satisfaction, increased customer lifetime value, and maximized customer investment portfolio.
Improve customer satisfaction
  • Diagnose a problem quickly using
    external and internal databases
  • Automated analysis using customer data and knowledge base
  • Quicker and more accurate draft responses
    based on historical resolution data
  • Proactive and personalized follow-up communications

1Access Microsoft 365 Copilot Chat at m365copilot.com, or the Microsoft 365 Copilot Chat mobile app and set toggle to “Web”.

2Access Microsoft 365 Copilot Chat at m365copilot.com, the Microsoft 365 Copilot Chat mobile app, or the Microsoft 365 Copilot Chat app in Teams, and set toggle to “Work”.

3AI Agents allow Copilot to access your organization-specific apps. In the past this would have required an API call to get data from a system of record.

The content in this example scenario is for demonstration purposes only. You should evaluate how Copilot aligns with your organization’s business processes, regulatory requirements, and responsible AI principles.