Binding Policies Faster
“AI is really starting to help us execute real insurance work. It’s not just about summarizing documents; it actually can turn the conversation into action,” which means binding coverage, says Nga Phan, head of product at bolt, a P/C distribution platform connecting insurers, distributors and customers. AI is helping agents and brokers move faster from quote to bind, reducing manual work and head counts, and improving retention. “We’ve seen doubled quote-to-bind performance when you use AI to lead qualification,” says Nga. “The bound policies increase by 34%. Quoting time can decrease as much as 57%. Human talk time reduces by 36%.” There are challenges ahead, she acknowledges. “Can the industry put AI into production successfully? Can we all be ready to integrate AI into how our teams work in the way that is accurate, secure and accountable within a very regulated industry?” Nga envisions a world where “insurance should feel like nothing at all until the moment it matters. Protection will show up when life actually happens—when you buy a car, sign a lease, bring on a new employee… It’s not a separate errand that you want to or have to put off.”
This episode is supported by TomTom — AI‑ready location intelligence that insurers can trust, with validated map and traffic insights for sharper pricing, smarter claims and agentic workflows. Learn more at https://www.tomtom.com/insurtech
