Element AI Brings AI-Powered Underwriting to GroupAssur

GroupAssur engages Element AI to automate underwriting workflows and optimize the broker experience

Montréal, QC (Feb. 3, 2020) – Element AI, a global developer of AI-powered services and software that helps enterprises operationalize AI, today announced that GroupAssur, a Canadian-based broker and tech pioneer in the evolving insurance landscape, will use the Element AI OS for Insurance to optimize its underwriting workflows.

As a progressive Managing General Agent (MGA), GroupAssur recognized the need to automate tasks within the underwriting process that are manual, time consuming and inefficient. Designed to improve underwriting efficiency and increase the volume of business written, the Element AI OS for Insurance will automate these tasks with Element AI components such as document entity extraction, text classification and predictive models.

“With the increasing volume of information and data available, it’s essential that we engage with today’s AI technology to help us continue to deliver exceptional service to our brokers,” says Jean-François Raymond, President of GroupAssur. “Element AI offers the technology to not only help us meet customer expectations, but to balance the appropriate amount of automation and human interaction, giving us a technological competitive edge.”

Built to scale to insurers and brokers of all sizes, the Element AI OS for Insurance software is engineered with AI components that enable insurers and brokers to quickly and efficiently deploy and monitor AI solutions. These components—built specifically to address insurance use cases—can be assembled to solve end-to-end business problems through the entire insurance value chain.

“MGAs like GroupAssur are facing modern day challenges in meeting evolving customer expectations and optimizing processes efficiently,” says Carlos Benfeito, Head of Insurance AI Products at Element AI. “As a leader in the development of AI-driven software across industries, we recognize these challenges and are building products and solutions with them in mind.”

To learn more about the Element AI OS for Insurance or to request a product demo, visit www.elementai.com/contact.

Building off last year’s announcement of Underwriting Partner, this announcement follows past successes including Element AI Knowledge Scout, the company’s strategic partnership with LG Electronics at CES, and Element AI’s Access Governor solution, further reinforcing the benefits of AI integration across various industries.

About GroupAssur

Founded in 1993 by a group of brokers coming together to provide services to larger enterprises, GroupAssur is an MGA servicing specialized insurance needs of brokers and customers across Canada. The company provides underwriting services for complex insurance policies on behalf of Canadian insurance carriers, international insurance carriers, and Lloyd’s of London insurance syndicates. GroupAssur is headquartered in Montreal, QC, with additional offices in Quebec City and Brossard, QC, and Markham, Ontario. For more information, visit www.groupassur.com/en.

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.

For additional information, visit www.elementai.com.

© Element AI Inc. 2019, all rights reserved. Element AI™ and the Element AI logo are protected trademarks of Element AI Inc. Element AI Knowledge Scout software product is a trademark of Element AI, 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

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