Gen AI in PC Underwriting - Insurance Quantified - Groundspeed

15 May 2024

Andrew Schwartz

About the Showcase

Gen AI is the hottest topic in the industry right now. Insurers are reaching out daily with questions and the need for advice through bootcamps, presentations, and requests for information about relevant vendors. We’ve created this showcase to allow insurers to see actual demos of available Gen AI products across the insurance value stream from a number of vendors.

Access and Length:

The short introduction (2:09) is available to all. Click the image below to access.

The full demo (15.09) (the webinar link) is available only with vendor permission. To access the full demo, please send an email to Julia Woodhead jwoodhead@celent.com and we’ll request authorization. Once you've been authorized, the webinar link below will be activated for you.

Overview of Product:

Insurance Quantified has a Gen Al offering built for Property & Casualty Underwriting.

Insurance Quantified’s Groundspeed product is an AI platform designed to drive efficiency in submission preparation for P&C commercial insurance underwriters. Purpose built for insurance, their AI-embedded products provide underwriting teams with high quality data from incoming submissions and loss runs with fast turnaround times. Their AI methodology, instead of relying solely on off-the-shelf Gen AI models, also has an extensive and growing library of specialized models that draw from their large contributory dataset of loss runs, exposures and submissions from the commercial P&C space.

Submission documents come in endless combinations that are specific by industry or line of business. Groundspeed extracts the data you need from them and puts it in the hands of underwriters faster than any other solution on the market. They do this by leveraging their deep experience in building, deploying, and scaling insurance-specific AI models in production. Paired with a human-in-the-loop process for managing exceptions, their AI platform delivers the best submission processing experience in the market today.

With a flexible rules-based process, and leveraging state-of-the-art AI models, they can help identify and respond to missing data, score submissions based on business-specific preferences, and deliver the submission automatically to the correct underwriter or underwriting operations professional.

Serving 3 of the top 5 commercial carriers, Groundspeed can be tailored based on the use case to deliver fast data in minutes, or a more comprehensive data set in a couple of hours. Common use cases include Fast Setup and Clearance, Submission Prep, Submission Triage, Risk Assessment and Loss Analytics.

https://insurancequantified.com/