Overview

Tricura Insurance Group is an insurtech MGU focused on providing liability coverage & technology to Senior Living Communities across the US. In contrast to traditional insurance companies, Tricura applies an extreme technology first approach to every segment of the value chain within the insurance delivery ecosystem to deliver a competitive edge to its clients. More specifically, Tricura has been able to leverage better underwriting, risk mitigation and claims defense to enable more competitive pricing of coverage & a holistically more efficient cost of risk. Simultaneously, the company’s platform has been able to collaboratively execute on the facilitation of better quality care delivery while reducing the administrative burdens associated with it. 

The Challenge

In lockstep with its early traction in the market, the underwriting team at Tricura had experienced a significant increase in the number of inbound opportunities that needed to be underwritten without sacrificing discipline or nuance.There is an enormous amount of manual work needed to handle each application. Being that Tricura had fostered a diverse set of distribution partnerships, the format & cadence of data ingestion was not always standardized. Manual effort & significant investment of time was needed to parse through each document, extract relevant data, and incorporate into the next steps of decision making to adequately review incoming accounts.

The Solution

By partnering with Upstage, all application document extraction was automated while achieving an accuracy rating exceeding 95%. The integration allowed for a one-stop shop for uploading documents. By simply uploading files, Upstage was able to classify and parse data regardless of format. Underwriters at Tricura are now able to focus their time where it matters most, including tweaking variables, assessing derivative analysis & building human connection with the company’s network of distribution partners.

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With the Upstage integration, Tricura Insurance Group saves about 30 minutes of manual work per single-facility application, plus roughly 20 minutes for each additional facility. These efficiency gains have empowered Tricura’s underwriting team to comfortably manage the large

growing volume of submissions while reallocating valuable time toward higher-impact initiatives across the organization, saving time and unlocking higher level human creativity.