AI to Support Risk Engineering
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Risk engineering helps commercial insurance organizations to prevent losses and streamline the underwriting process through structured risk assessments. This can be done in house (i.e., on-site visits or desktop reviews) or via third party risk reports.
While the result is always an overall risk assessment for a specific object (e.g., building, factory, production process, etc.), the underlying risk-grading methodologies vary by the internal standards of the organization creating the report. The only way to consistently align standards is to analyze each risk report individually and translate it according to the in-house standard which is expensive, time consuming and prone to interpretation and error.