Tech Spotlight Archives - Insurance Quantified

How Insurance Quantified, Now with Groundspeed Is Bringing Trust Back to Commercial P&C Underwriting Tech

It’s been a busy few months at Insurance Quantified as we welcomed Groundspeed colleagues and clients to our team and set out to deliver on our shared mission to maximize the value of underwriting data for commercial P&C insurers. Today, we are excited to share what has been happening behind the scenes to enhance our underwriting solutions and reintroduce a sorely missed value back into the insurtech landscape: Trust.

How to Handle Submission Overload: Key Tech Capabilities for Underwriting Prioritization

Companies that are inundated with submissions can benefit tremendously from finding a solution that will not only complete the intake process in a timely, accurate manner, but can also apply rules that help prioritize and ultimately surface the best opportunities for underwriters to focus on. As you are evaluating technology solutions, here are three core capabilities you should look for.

How Groundspeed’s Quality Assurance Model Ensures Trustworthy Underwriting Data

This blog post explains how Groundspeed provides high-quality risk data with our Quality Assurance Process, which is the best in the industry and delivers over 98% data point accuracy without sacrificing speed.

Transforming Commercial Insurance Underwriting with AI

In this two part series, Groundspeed shares some of our products' AI functionalities as well as business impacts and how our AI product can help commercial insurance carriers.

Groundspeed Adds Loss Reserve Insights to Its Line of Data Products

Loss history is a crucial component of any commercial insurance submission, as underwriters rely on past trends to estimate future loss activity and determine if an account falls within its risk appetite. A complete loss history comprises both closed claims, where the severity of the loss is clear, and, in many cases, open claims, where the final total incurred is unknown. Reserves set aside by the current carrier offer some information on open claim development, but reserving practices vary by carrier and are often inaccurate. As a result, open claims add an unwelcome degree of uncertainty to risk assessment, which can lead to adverse selection, pricing inaccuracy, or even missing out on profitable business.

Loss Runs Transformed Through Groundspeed’s AI Platform

What if you could transform your underwriting process to have complete risk data gathered from various insurance documents and delivered to your underwriters in as little as two hours? Not only would the data be provided quickly, but it would be 98% accurate. With Groundspeed, this transformation is possible. This blog will highlight the importance of loss runs and how Groundspeed uses human-in-the-loop AI to transform the commercial underwriting process, so carriers can unlock the value in their unstructured data and evaluate risk faster.

Travelers: Streamlining the Submission and Quote Process

Groundspeed’s Rapid Fusion Data Pipeline removed the need for manual data entry, providing underwriters with actionable information in less time for enhanced risk selection, underwriting efficiency, and business growth. Travelers is currently increasing their quote ratio, reducing underwriter bias in submission selection, and creating an underwriting dataset to determine growth opportunities.

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