Loss Runs by Underwriting AI
Paper based Loss Runs do not add to insight. Standardized and digitized Loss Runs add significantly to the Risk Insight.
We digitize the Loss Runs and provide them in a standardized format so that structured and unstructured content can form a core aspect of the enrichment of the Risk Insights.
We let you focus on the core, evaluating the impact of loss data during underwriting, and we take care of the chore by standardizing Loss Run data across carriers and extracting loss details for insights.
Underwriting AI enables underwriters to apply insights from the loss runs.
A typical loss run can span 5-50 pages with hundreds of data points of structured and unstructured content. For every submission that has loss runs, half of them have multiple loss runs covering different policy years. Underwriting AI can extract and standardize all the data to provide a common view with insights so you can truly “know your risk”.
Loss Runs are part of the submission of the risk process; however, they come in disparate formats across prior carriers. One also experiences situations wherein there are multiple loss runs from different carriers for the same submission as they traverse different years of the policy history. How do you standardize the evaluation of knowledge gleaned across the carrier loss runs as well as incorporate insights from loss details and their impact to the underwriting process?Understand the information from the loss run like you’ve never seen it before.
Standardized View of Loss Runs
Loss Runs across different carriers create additional work for underwriters to understand. Also, multiple loss runs from different carriers for each risk across policy years adds to the level of the complexity of gaining an understanding of the loss history.
- Standardized and consolidated view of Loss Run
- Digitized and analyzed loss details
Loss Run Insights
Loss Runs have a lot of unstructured content that contain insight into the risk. Understand the loss specific issues and how it impacts the risk profile.
- Saving human effort
- Visibility into patterns causing losses
Claims Data Insight
Prior Claims data tends to be hidden in content management files and there is no insight available. Underwriting AI Loss Runs digitizes the loss portfolio and allows for directional and overall portfolio analysis.
- Directional trends on loss reasons
- Loss causes incorporated into insights
Data is gathered from limitless sources, expertly blending and extracting crucial factors into actionable insights.
Going beyond data aggregation, key information is derived from structured and unstructured content to enable better and enriched decision making for evolving risks.
Data is mined to produce actionable, accurate context that previously went unnoticed.
Unstructured text found on the web and social media is analyzed, alerting you to conditions that could affect your decisions.
Risk classifications are inferred with speed and accuracy by our proprietary risk engine by leveraging multiple, continually trained models.
Dynamic risk insights are delivered in real time, providing a joyful experience for your customers, agents, brokers, and underwriters.
“These solutions will set us apart in our marketspace”
“Risk Insights will provide us competitive edge”
“We think Underwriting AI is a game changer for our business”
“The fact that Underwriting AI is built by people who understand insurance, and the underwriters’ intent is a great advantage over the competition that tries to fit one solution for all by focusing on data mapping. Their collaborative mode of working with us is what sets them apart.”