Business leaders today face a unique challenge as they grapple with how to leverage the power and potential of AI within their organizations. While they recognize AI’s potential to automate processes or enhance decision-making, many remain cautious against exposing their businesses to risk, with concerns of regulatory non-compliance, inaccuracies, or the liability of costly errors often holding them back.
As the first Benefits Placement System empowering benefits brokers and insurance carriers to manage the entire placement process in one shared system, ThreeFlow has been on the cutting edge of industry technology since the very beginning. Above all else, our top shared priority with carriers and brokers remains delivering an accurate and comprehensive presentation to the employer so they can make the best decision possible for their employees. In that effort, we have been exploring ways to leverage AI to make the renewal and quote submission process easier. Through the power of large language models (LLMs) we can now extract information from proposal and renewal documents and then populate it into relevant systems. Essentially, we are using AI to fast-track what is a difficult and often manual process for both brokers and carriers alike.
AI-powered quoting
While this specific use of AI is not new—in fact, LLMs have been used within the legal tech industry to extract information from contracts for a number of years—the implications for the benefits industry are poised to be wide-reaching. The renewal process for brokers and insurance carriers is often time-consuming and labor-intensive. Brokers must navigate complex details from policy documents, update coverage options from proposal and renewal documents, and reconcile discrepancies. Carriers need to carefully review RFP submissions, underwrite, negotiate terms, generate proposals, and issue policies—many times in disparate systems. This inefficiency is oftentimes compounded by human error, manual rework and delays, along with the need to ensure compliance with regulatory requirements while maintaining accuracy. In light of these constant challenges, we decided to adopt the proven and successful ways AI has been used within the legal tech space to alleviate similar issues with reconciling documents in the benefits industry.
The fundamental solution is to programmatically exchange data between systems. To make this a reality, we’re rapidly connecting with a number of carriers via API.
An API integration acts like a digital bridge, letting two systems share information quickly, automatically, and in our case, securely. When we launched the ThreeFlow-hosted API earlier this year, it meant that we could now directly communicate with a carrier's system in real time once they had been connected. For everyone else, Threeflow uses LLMs to remove the burden of the manual work involved in quoting and renewals—making the quote submission process easy. With our new smart proposals and renewals technology we’re providing brokers and carriers a lift by populating information for the carrier and making it simple for brokers and carriers to collaborate, edit, or add information. If being at the forefront of pioneering technology is central to the core of what we do at Threeflow, collaboration with brokers and carriers is at the heart of how we do it.
Our service commitment to brokers and carriers:
Discrepancies caused by manual data entry errors are unfortunately a known risk factor for brokers and carriers going through the status quo quoting and renewal process. These mistakes not only put deadlines in jeopardy, but can also impact client satisfaction and lead to financial risks for both brokers and carriers. ThreeFlow’s groundbreaking smart proposal & renewal technology not only makes the quote submission process easy, but our service commitment also offers financial remedy in the event there’s real financial loss for our customers caused by our AI technology—a guarantee and peace of mind that does not exist for those who still use manual and outdated practices for quoting and renewals.
Our promise to carriers and brokers is that you will never lose control or visibility over your benefits placement workflows. As a part of that commitment, we offer:
- System availability and response: ThreeFlow’s system will be available at least 99.5% of the time, and will promptly respond to any incidents that degrade use of the system.
- Customer support response time: Count on ThreeFlow for prompt customer support and a median response time of 8 business hours or less.
- Extraction performance: ThreeFlow is committed to top extraction performance. To demonstrate that commitment we provide a financial promise.
- For carriers, in the case of a revenue or profit loss due to extraction errors as a direct result from our technology, we’ll compensate the lesser of 12 months fees payable to ThreeFlow or $100K
- For brokers, in the case of a revenue loss due to extraction errors as a direct result from our technology, we’ll compensate the lesser of actual revenue losses or $100K.
It’s common for technology companies to off-load all risk associated with their AI-driven workflows. Our objective is to provide the best possible product experience, and to be there for our customers when they need us most. This commitment reinforces that.
Looking ahead with confidence
While AI is rapidly evolving, we are committed to investing in improvements that benefit our customers while evaluating and implementing the latest technologies as they become available. This means finetuning our models and embedding quality control measures such as proactive testing and periodic audits, with up to 10% of documents still being reviewed by humans. If there are errors, this ensures we can correct them before any issues arise.
ThreeFlow’s smart proposal & renewal technology represents more than just an advancement in streamlining workflows—it’s a step toward transforming the benefits placement process for brokers and carriers. By combining cutting-edge AI with robust quality control measures and an unwavering commitment to service, we provide a reliable solution that not only saves time but also reduces risk. As AI continues to evolve, so will our approach, ensuring that our customers benefit from the latest innovation while maintaining the accuracy, efficiency, and peace of mind they expect. With ThreeFlow, brokers and carriers can confidently navigate the complexities of quoting and renewals, knowing they have a trusted partner dedicated to driving future-forward, intelligent solutions.
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