Artificial Intelligence-real world applications

Element AI Brings AI-Powered Underwriting to GroupAssur

02.05.2020

Element AI, a global developer of AI-powered services and software that helps enterprises operationalize AI, today announced that GroupAssur, a Canadian-based broker and tech pioneer in the evolving insurance landscape, will use the Element AI OS for Insurance to optimize its underwriting workflows.

As a progressive Managing General Agent (MGA), GroupAssur recognized the need to automate tasks within the underwriting process that are manual, time consuming and inefficient. Designed to improve underwriting efficiency and increase the volume of business written, the Element AI OS for Insurance will automate these tasks with Element AI components such as document entity extraction, text classification and predictive models.

“With the increasing volume of information and data available, it’s essential that we engage with today’s AI technology to help us continue to deliver exceptional service to our brokers,” says Jean-François Raymond, President of GroupAssur. “Element AI offers the technology to not only help us meet customer expectations, but to balance the appropriate amount of automation and human interaction, giving us a technological competitive edge.”

Built to scale to insurers and brokers of all sizes, the Element AI OS for Insurance software is engineered with AI components that enable insurers and brokers to quickly and efficiently deploy and monitor AI solutions. These components—built specifically to address insurance use cases—can be assembled to solve end-to-end business problems through the entire insurance value chain.

“MGAs like GroupAssur are facing modern day challenges in meeting evolving customer expectations and optimizing processes efficiently,” says Carlos Benfeito, Head of Insurance AI Products at Element AI. “As a leader in the development of AI-driven software across industries, we recognize these challenges and are building products and solutions with them in mind.”

www.elementai.com

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