AI Data Ingestion Qorus-NTT DATA Innovation in Insurance Awards 2025

Concept and Objectives Synergy2’s AI Data Ingestion feature automates the extraction of critical data from reinsurance documents to streamline submission and quote creation. By leveraging AI, it reduces manual data entry, minimises errors, accelerates underwriting, and ultimately improves decision-making accuracy and efficiency for reinsurers. The goal is to help reinsurers save time, optimise operations, and make faster, more informed decisions without compromising data quality. Traditionally, most organisations ingest only 25–30% of available data due to time constraints. Our AI-driven solution can ingest up to 80%, significantly improving accuracy and providing a more comprehensive data set for underwriting decisions.

A client in the Africa region leveraged Synergy2's data ingestion capabilities and discovered that motor claims accounted for the highest proportion of claims. The analysis revealed that this was largely due to the aging fleets being insured.

Reasons Behind the Innovation The reinsurance industry has long relied on manual processes, leading to time-consuming tasks, human errors, and underwriting delays. Automating data extraction and processing through AI enhances efficiency, ensuring faster and more reliable decision-making. This innovation addresses the industry’s need for operational improvements in an environment where precision and speed are essential. State of Competition While multiple tools on the market offer data extraction and automation, Synergy2’s AI Data Ingestion differentiates itself by addressing the unique needs of reinsurers. Unlike generic AI tools, our solution is designed specifically for the complexities of reinsurance documents and workflows, ensuring highly accurate data extraction and seamless integration with underwriting systems. Additionally, with AI regulations emerging, we have partnered with ACORD Solutions Group to ensure our solution, powered by ACORD Transcriber adheres to global data standards set by ACORD and its global members. ACORD Transcriber is predicated on operationalising the ACORD Standards through AI-enabled extraction of data from insurance documents and conversion to ACORD Standard data ouputs. The ACORD Standards are widely used throughout the global ACORD community of 36,000 brokers, carriers, reinsurers, and MGAs—Synergy2 facilitates easy adoption of AI-driven compliance and regulatory requirements. Sources of Inspiration This innovation draws inspiration from advancements in machine learning and AI-driven data processing across industries, including fintech and Insurtech. The success of AI in banking and financial services has played a key role in shaping Synergy2’s approach to AI in reinsurance. The reinsurance industry has traditionally relied on paper-based systems and has been slow to adopt emerging technologies. However, this is changing, and initiatives like Blueprint Two are encouraging insurance organisations to adopt digital messaging platforms to improve operational efficiency and reduce the time required to bind policies. AI-powered data ingestion will complement these changes by eliminating paper-based and manual processes, promoting sustainability, improving security, and enhancing operational workflows. Departments Involved • Technology & Partnerships: Collaboration with ACORD Solutions Group to integrate AI Data Ingestion into Synergy2, ensuring alignment with industry standards. • Client & Partner Engagement: Working with early adopters to refine and optimise the solution based on real-world challenges related to data quality, human error, processing times, and administrative costs. • Sales & Marketing: Crafting the market narrative and effectively communicating the benefits of AI Data Ingestion by addressing client pain points and showcasing the solution’s value proposition. Main Results So Far • Time Savings: Significant reduction in manual entry time and underwriting turnaround times. • Improved Accuracy: Enhanced precision in data extraction, reducing underwriting errors and improving decision-making. • Growing Adoption: Increasing interest from reinsurers looking to incorporate AI-driven automation as part of their digital transformation strategies.