Property and Casualty Insurers
Simplify policy purchasing, customer onboarding, and claims processing
BlackSwan’s ELEMENT of Insurance™ transforms the underwriting process for property and casualty insurers by achieving granular segmentations of customer risks, increased accuracy in predicting claims, and better targeted communication and experiences for the customer during policy purchasing and onboarding.
ELEMENT of Insurance uses a Data Fabric to enable accessibility of data of the highest quality from numerous sources. Machine learning algorithms and natural language processing instantly translate underwriting forms into structured data. Our AI models analyse all relevant information to get a clear risk assessment of a customer, as well as enabling insurers to identify potential complex and costly claims, claims that have litigation potential, and claims that show signs of fraud. Historical data can be analysed and compared with benchmarking data. The continuous nature of ELEMENT™’s analysis can ensure insurers can make data-driven decisions throughout the life of a claim.
Why BlackSwan?
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360-Degree Customer View
Achieve a comprehensive and evolving visual representation of all relevant customer information, including financials, social media engagement, threat intelligence, and compliance information.
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Advanced Risk Assessment
Correlate and analyse all risk-related information while leveraging predictive AI models to automatically generate risk-related insights on clients and markets based on a set of attributes and events, and produce risk scores for customers.
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Robust Case Management
Track customer interactions, transactions, policy recommendations, and relevant external changes via agent dashboards, while receiving alerts of changes in key customer attributes for up-sale and cross-sale.
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Success Stories
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- A leading international insurer specialising in industrial insurance leverages our ELEMENT of Insurance application to modernise its underwriting and risk engineering infrastructure in order to manage emerging risks proactively. Learn More
Cyber Underwriting and Threat Intelligence
By continuously monitoring cyber events, and understanding the risks associated with existing and potential clientele, this application quantifies cyber risk, potential attack vectors, and offers mitigation plans
Underwriting
This application covers the entire underwriting process from identifying and quantifying the risks and exposure associated with potential clients, through negotiating with the customer on coverage cost, to analyzing complete markets, and beyond
ELEMENT™ of Compliance
Delivering an end-to-end financial crimes compliance process and leveraging advanced AI, this application addresses requirements for Know Your Customer, Anti-Money Laundering, Anti-Fraud, Watchlist Screening, Adverse Media Monitoring, and Transaction Monitoring & Intelligence, while dramatically increasing operational efficiencies.