Enhancing Risk Engineering Processes with AI

THE PROBLEM

The P&C and Specialty division of a global insurance group need to speed up and improve the accuracy of its risk management cycle by automating critical stages of the process with AI. In risk engineering, property risk engineers must review real estate appraisals prepared by internal and third-party assessors. This is a central part of the underwriting process as these reports provide essential details on buildings, factories and production processes, etc. by extracting key data from various documents. While straightforward, the task is time-consuming and subject to inconsistencies in assessment due to individual subjectivity and increasing pressure from tight deadlines and time constraints.

THE SOLUTION

Expert.ai developed an AI-powered solution to simplify and enhance real estate appraisal analysis, now in use by this insurer.

By automatically analyzing reports and documents, the solution classifies risks, identifies unexpected exposure situations and detects policy inconsistencies. It supports Risk Engineers by:

Reading and interpreting risk reports
Scoring relevant factors against a customized rating scale to generate an overall risk score
Identifying property characteristics through standard taxonomies
Tracking and aggregating information related to certain properties

BENEFITS

Rapid extraction of key insights from technical reports, even those over 100 pages
Significant reduction in time needed to prepare risk estimates
Better resource allocation to higher-value tasks
Greater effectiveness in reducing customer risk