Affiliation delivers state-of-the-art, AI-powered, on-demand policy-checking solution for commercial lines insurance brokers and agents
Toronto, ON (July 13, 2021) – Chisel AI and Xceedance are pleased to announce a strategic partnership to deliver best-in-class, on-demand, AI-powered policy checking and review technology and services to commercial brokers and agents.
The Chisel AI automated policy check solution digitizes and standardizes the entire process of comparing an existing policy, quote, and binder against a new policy to ensure contract certainty in minutes. Xceedance will leverage the Chisel AI platform to further elevate on-demand policy checking support, as part of the company’s extensive operational capabilities for brokers and agents. The combined offering supplies an end-to-end, intelligent solution and services for policy checking to brokers and agents, whenever needed.
“Providing the industry’s only purpose-built AI solution for policy checking, Chisel AI is excited to join forces with Xceedance to provide commercial insurance brokers and agents with an efficient, cost-effective, and customer-centric approach to review policies for errors and omissions prior to issuance,” said Jason McDermott, president, Chisel AI. “Our combined, on-demand solution enables brokers and agents to focus on advising customers, nurturing relationships, and building their books of business.”
By integrating automated policy checking capabilities — featuring advanced AI and machine learning, combined with insurance-focused operational services — the Chisel AI and Xceedance on-demand service empowers brokers and agents to focus on policyholder needs. The combined service ensures appropriate policy coverages and adequate protections are in place, terms and conditions are accurate, and the risk of errors and omissions is greatly reduced. Additionally, the automated solution can replace traditionally manual processes, lower policy review costs and turnaround times, and drive significant lift in operational efficiency.
“Until now, brokers and agents had to hire more employees or outsource manual policy checking to validate lengthy policies for accuracy — a time-consuming, costly, and error-prone process, which could expose brokers and agents to unnecessary E&O risk,” said Travis MacMillian, chief business officer, Xceedance. “The Chisel AI-Xceedance on-demand policy checking partnership facilitates the core responsibility of brokers and agents to systematically check policies for potential errors and omissions before issuance. Methodical, automated support is now available when needed, for every policy issuance workflow or for peak periods of business.”
About Chisel AI
Chisel AI delivers a purpose-built solution for commercial insurance that reads and extracts unstructured data trapped in digital insurance documents. Our advanced AI platform and intelligent workflows automate manual underwriting and brokering processes, enabling insurance carriers and brokers to place coverage faster, reduce operating costs, and deliver a better digital customer experience without adding staff. For more information, visit www.chisel.ai.
Xceedance is a strategic consulting, technology, and managed services provider, helping global insurance organizations drive operations, implement intelligent automation, and achieve superior policyholder experience. For more information, visit xceedance.com.
Source: Xceedance via St. Nick MediaTags: Chisel, commercial lines, InsurTech Spotlight, partnership, solution