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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. 
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.
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.
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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