Element AI unveils underwriting solutions at InsureTech Connect 2019

Company Launches Underwriting Partner Submissions capability to deliver highly informed, accurate and explainable underwriting decisions as part of its AI operationalization strategy

Montréal, QC (Sept. 23, 2019) – Element AI, a global developer of AI software, today announced Submissions capability for its ‘Underwriting Partner’ product—to complement the company’s broader market offering of AI-enabled advisory services and modular AI capabilities. Focused on taking AI from ‘Lab to impact’, the Element AI portfolio aims at ‘operationalizing AI’ for the insurance industry and other enterprise entities.

Unveiled at InsureTech Connect 2019 in Las Vegas, Element AI Underwriting Partner Submissions product processes forms and documents to extract information and upload the correct data directly into an insurers’ system of records, while flagging missing information and items for review. By keeping a human-in-the-loop when required, underwriters are freed-up to perform other high-value tasks. With Advisory services already offered, Underwriting Partner Submissions capability is expected to be available in early 2020.

“Collaborating with Element AI to integrate the latest AI technology is a bold, disruptive move that we believe will benefit our insurance broker partners and customers by working alongside our underwriters to create a competitive edge from all that unused data. We can leverage this across our business to strengthen products, policies, claims, billing systems, and more,” said Sean Christie, CIO and VP of Information Services at Gore Mutual.

AI readiness and creating an AI-integration roadmap remains one of the biggest challenges for business and enterprise today. With a broad range of advisory services and enablement tools to help its customers move from ‘zero to fully deployed’—Element AI is helping customers realize the impact of AI with explainable, ‘human-in-the-loop’ features and benefits.

“Our broad industry approach and strategy to commercialize AI products led to today’s Underwriting Partner Submissions capability announcement,” said Carlos Benfeito, Head of Insurance Products at Element AI. “As our first software product for the insurance market, Underwriting Partner Submissions capability will help insurance specialists process submissions for insurance faster, with greater accuracy and consistency, and improve workflows for a healthier underwriting expense ratio.”

Whether insurers are taking their first AI steps, or are engaged in production, Element AI has the tools, products, services, and expertise to accompany its customers in making progress along their AI journey.

To learn more about the Element AI, Advisory services, and Insurance solutions, visit www.elementai.com/contact.

To learn more about Element AI and its AI-powered insurance product line, visit www.elementai.com/products/insurance.

About Element AI

Element AI is a global developer of AI software that helps people work smarter. Founded in 2016 by serial entrepreneurs including JF Gagné and A.M.Turing Award recipient, Yoshua Bengio, PhD, Element AI turns cutting-edge research and industry expertise into software solutions that exponentially learn and improve. Its end-to-end offering, including advisory services, AI enablement tools and products, aims at helping large organizations operationalize AI and create real business impact. Element AI maintains a strong connection to academia through research collaborations and takes a leadership position in policy-making around the impact of technology on society.

Learn more about Element AI in the InsurTech Spotlight.

For additional information, visit www.elementai.com.

© Element AI Inc. 2019, all rights reserved. Element AI®, and the Element AI logo are protected by trademarks of Element AI Inc., and may be registered or pending registration in several jurisdictions. Other trademarks used in this document may be trademarks of the manufacturers or vendors of their respective products. 

SOURCE: Element AI via FleishmanHillard HighRoad (FHR)

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