18 April 2019 13:30
Gore Mutual Insurance Company has partnered with the software company Element HAVE to integrate the program Underwriting Partner, using the learning machine and artificial intelligence, to its underwriting department.
The software has been created from the “proprietary data at Gore Mutual,” and will allow the insurer to expedite and facilitate the underwriting process ” for decisions which are fair and informed “, says Element AI. It has been designed to integrate with the system of subscription of Gore Mutual and is based on a modular approach to lifelong learning.
“This process makes it possible for customers to have a more informed risk assessments, which facilitates the handling and accelerates the effectiveness of the subscription,” explain the companies.
A “large inventory of” data
“As a company of insurance in place for 180 years, we have a vast inventory of unstructured data, but we estimate that only about 20% of these data are used,” said Sean Christie, chief information officer and vice president of information services at Gore Mutual.
“Work with Element HAVE to integrate the latest technologies in artificial intelligence is a bold and disturbing that, in our opinion, will benefit our clients and partners insurance brokers, working with our underwriters to create a competitive advantage from all this data not used. We use the AI in all of our business to enhance the products, policies, claims, billing systems, and more, ” he adds.
A first product based on artificial intelligence
“The Element I is delighted to be working with Gore Mutual to put on the market one of its first products based on the artificial intelligence, thus demonstrating the possibility to evolve beyond the automation, rules-based underwriting, while maintaining the transparency and the explicabilité. […] First, a generic product that quickly learns and improves as it is used, the software Underwriting Partner of Element I is used to accelerate the cycle time to process a larger volume of applications. Bid faster and more accurate will be beneficial to both Gore Mutual and its clients, ” stresses JF Gagné, co-founder and CEO of Element AI.