Verisk Augmented Underwriting: Reimagining the future of insurance
Blog -- 09 August 2023
Author: Marketing
In the evolving landscape of insurance technology, staying at the forefront of innovation is a necessity whether insurer or broker. At Verisk Specialty Business Solutions, we continue to explore new paradigms to better serve clients. Our latest venture poised for validation is Augmented Underwriting; an underwriting environment for insurers applying the latest technologies.
Augmented Underwriting is an ecosystem of software products – combined into one solution - which can be used as an entire insurance platform or, depending upon requirements, clients will be able to access elements of the platform. Key components are artificial intelligence and expert modelling which evaluate risks, thus refining underwriting processes and improving the quality of risk triage.
Our Technology: A Closer Look
The Augmented Underwriting platform will, in the first instance, leverage datasets called Prometrix and Location, which pertains to North American property. This has been selected because it is essential to have an initial focus area to validate the platform before extending it to other classes of business.
The platform will integrate with other tools such as Rulebook, which can be used for business rules, rating, and pricing. However, it is worth noting that the use of Rulebook or similar tools is not an essential requirement. Flexibility is a keynote to the platform so a variety of pricing tools and rates can be plugged into the platform dependent on the problems the solution is solving.
Initial partners, who are keen to collaboratively explore and evaluate this innovative underwriting platform can join a 'Foundation Cloud' of participants. As ever, we aim to partner with pioneering companies that share our vision for the future. The focus here is not purely commercial; it is about aligning with partners that share the goal of advancing the industry including its standards and practices.
For more information on the Augmented Underwriting platform, or to hear more about the Foundation Cloud please contact us today or join us at Verisk Insurance Conference (VIC) on the 6th of September.