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Industrial Insurance Underwriting

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VALUE PROPOSITION

  • Facilitating near real-time responsiveness to emerging risks by providing up-to-the-minute dashboards and reports of underwriting risks
  • Enabling a major Digital Transformation leap, by utilising ELEMENT’s revolutionary Knowledge Graph technology to create a detailed network of client risk characteristics
  • Reducing labour-intensive efforts by providing a process-centric, AI-embedded application

Modernisation of the underwriting and risk engineering infrastructure of a leading international insurer specialising in industrial insurance, by automating processes to reduce risk exposure and lower operating expenses

 

BACKGROUND

The insurer’s manual, ad-hoc approach to risk monitoring impaired its ability to manage emerging risks proactively 

The client engagement process required parties to complete paper surveys with onerous questions, delaying issuance and review of policies 

Underwriters manually collected information, but were unable to monitor a growing number of data sources (e.g., Internet of Things, data streams, aerial analysis)

TARGETS

  • Construct a unified knowledge base about clients, seamlessly correlating all risk-related information to improve risk analysis
  • Automate acquisition of sector-specific data to reduce laborious tasks performed by risk engineers
  • Set automated alerts for risk-related events (e.g. natural disasters) to proactively reduce insurance incidents via client interaction and advice

ADDRESSING THE NEED

  • Assembled a Knowledge Graph that integrates the insurer’s core infrastructure — including the client questionnaire repository, hundreds of public data sources, and billions of media articles, to automatically enrich profiles of insured clients
  • Deployed predictive AI models to automatically generate risk-related insights on clients and markets based on a set of attributes and events (e.g. nearby geographic events, such as extreme weather, and competitor-related events, such as M&A)
  • Configured Machine Learning algorithms to generate timely alerts for trigger events, such as risk-related news and media mentions — monitored using Natural Language Processing, to proactively reduce insurance incidents

 

 

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About BlackSwan Technologies

BlackSwan Technologies is a SaaS Product company. Its Flagship product ELEMENT is a cognitive operating system that enables rapid development of Enterprise AI-Driven applications. ELEMENT is the foundation that can be used by enterprises across multiple industries to build robust AI applications, tools and workflows. With hundreds of pre-configured data fetchers, analytical functions, models and user interface components, element makes heavy use of knowledge graphs and a range of Machine Learning techniques to help companies improve outcomes and reduce costs.

BlackSwan ELEMENT is trusted by some of the largest, fastest, and most innovative companies in the world.