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

Transforming Commercial Insurance Underwriting with AI

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. 

We’ve shared our belief that the most important starting point for any technology project is understanding the business problem you are solving. That was one of many complementary philosophies for Groundspeed and Insurance Quantified. Long before we came together, both companies identified that commercial insurers needed relief from manual data entry and manual processes; that underwriting is the profit center of the business but very underserved by technology; and that employees are stretched on a daily basis as they try to balance administrative and strategic work. The difference: how we decided to address these problems, with Groundspeed focusing on the speed and accuracy of data throughout the workflow and Insurance Quantified focusing on driving more systematic processes to use the data in the workflow. 

As we started down the path of integration, the first step in aligning our product roadmap was reaching out to the market. Our client success and product teams spent weeks engaging with our clients in a listening and learning campaign to hone in on what mattered most to them and inform our next steps. 

“What we learned in speaking to both carrier and MGA clients was that their underwriters and analytics teams value our high-quality, trusted submission data,” said Shireen Braun, Head of Client Services at Insurance Quantified. “The next set of problems we can help solve, however, includes enhanced speed and transparency in delivering the right data to the right underwriter’s desk to make more timely and informed underwriting decisions. Our clients also value our ability to partner and deliver our solutions in a modular, flexible way that fits seamlessly into their current tech stacks.”

The Outcome

What we heard in this campaign is that both approaches – data and process – are important, and bringing them together is the true opportunity. And that is exactly what our team has done. 

“The market is yearning for a solution that fits into the complex demands of their underwriting process, addressing activities that require data at the right time and providing transparency and workflow to manage the flood of submissions that they receive every day,” stated Jeff Tyler, Head of Product, Data Science and Engineering at Insurance Quantified. 

Today, we are happy to share that Insurance Quantified now operates using a single technology stack with two products: Groundspeed, an intelligent document processing solution that delivers the actionable data, and SubmissionIQ, an underwriting workbench that builds on Groundspeed, adding additional capabilities and workflows to help manage submission flow through to underwriting. With the feedback from clients front and center, we have expanded the functionality of both products in four areas to deliver on what insurers need to drive profitability in underwriting. 

  • Data Quality. Groundspeed’s proprietary combination of AI data classification and extraction paired with human-in-the-loop processes creates a safety net, providing the best of both worlds and helping to continuously improve models.
  • Data Transparency. The biggest hurdle to adoption is trusting the data. To address this, we’ve built out detailed reporting on how data is processed, noting sources and validation steps, so underwriting teams can have peace of mind when making decisions.
  • Submission Completeness. Getting the data from the documents is just the first step, which is why we’ve built our system to support customizable workflow and business logic, making it possible to verify that all necessary data is present for underwriting processes like setup, clearance and triage.
  • Operational Efficiency. Finally, and importantly, we’ve focused on creating great user experiences through additional tools, delivery options and interfaces that empower users to interact with data in new ways while eliminating low-value work like looking up third-party data.

“We see solving these challenges as fundamental to helping underwriters find the business they want to write more quickly and more effectively. Helping our users do what they do best — but better — is really what our technology and products are all about,” commented Naim Falandino, SVP of Product at Insurance Quantified. “Getting high quality, actionable data to the right people quickly is the critical first step toward helping the commercial insurance industry as a whole become more efficient.”

No organization will solve these challenges overnight, but by pursuing efficiencies in these crucial areas – data, workflows and employee experience – Insurance Quantified, now with Groundspeed, is ushering in a new paradigm for commercial P&C insurance. With these innovations, it’s never been easier to find your underwriting edge.

Want to learn more? Drop us a line.