Risk Solved Ltd, a global risk management platform provider, and expert.ai, a leading company in artificial intelligence (AI) for natural language understanding, have today announced a partnership to offer insurers and Managing General Agents (MGAs) an out-of-the-box integrated solution for risk engineering.
The combined solution automates the reading and analyzing of written text to extract meaningful data at speed and scale. This is done by leveraging symbolic AI and machine learning (hybrid AI approach) to deliver the highest degree of accuracy, explainability, and flexibility in a responsible and sustainable way. In turn, by using historic risk data, the solution provides insurers with a number of data enhancements and improves risk rating. It also reduces manual reporting and re-keying of information for field engineers, underwriters and claims managers.
Richard Thomas, chief strategy & partnerships officer at Risk Solved, said: “This partnership with expert.ai offers another innovative service for our clients. We are focused on building an ecosystem of innovative solutions with market leading technology partners which responds to the need for greater efficiency and insight in the risk engineering and underwriting processes. As we continue to grow the number of strategic partnerships with other leading technology providers, so does our commitment to offering the insurance industry with a suite of services that bring a real step-change in how MGAs, insurers and their insureds are supported.”
John Wilkinson, SVP EMEA Sales at expert.ai added: “We are delighted to be partnering with Risk Solved and to be able to share our combined services with our respective client bases. By automating the extraction of data from text within the Risk Solved platform, we can provide unique risk management services, helping risk engineering teams to find the ‘signal through the noise’ to deliver actionable and real-time insights.”
Expert.ai supports a broad range of Insurance cases by enabling human-like understanding of unstructured language data to make decision-making faster and easier. With expert.ai, teams can achieve 95% accuracy of automated policy review, reduce document review times by 90%, increase customer satisfaction and deliver reviews 40% faster.