Resources - Insurance Quantified

Generative AI for Insurance: Why Maintaining a Balanced Perspective Is Key

We believe that AI presents significant upside for carriers and MGAs seeking to improve their approach to evaluating and pricing risks. We also think it can fuel tremendous benefits for underwriters and their teams, including improved quote-to-bind ratios, right-sizing of their business books and overall expansion.

Generative AI for Insurance: Why Maintaining a Balanced Perspective Is Key

Surveying the Insurance Landscape: Key Trends for Today, 2024 and Beyond

In an industry that’s so often immersed in day-to-day priorities – getting through overflowing submission inboxes, writing that big piece of business, getting to the next phase of a technology integration – chances to take stock of the larger insurance landscape can be few and far between. With the year winding down, we at Insurance Quantified, together with our advisors, are taking this opportunity to share our insights on some of the most important trends shaping the industry today – and how they will affect insurance businesses in the future.

Ingestion Redefined: Accelerating the Underwriting Workflow Through the Combined Power of AI and Human Oversight

We firmly believe that humans have a key role to play in the underwriting workflow – but submission ingestion is one area where that role can be greatly reduced. By leveraging a variety of AI techniques, insurers can automate much of the initial extraction, enabling insurance professionals to go beyond that first step and serve as quality control artists as opposed to data entry specialists. By turning a slow, variable process into a fast, accurate one, these organizations can increase productivity and ensure all downstream decisions are based on accurate data, giving them a trustworthy source of business intelligence.

A New Model for Insurance Change Management

Insurance is a complex business. This shouldn’t be news to anyone operating in this industry, but it also shouldn’t be shocking to anyone who has ever had to purchase insurance. As with any complex system, insurance companies have developed processes and guidelines that enable them to operate consistently across different offices, regions and often national borders. And just like any complex system with longstanding processes and ways of executing, these same concepts that enable companies to operate effectively can also become shackles when external or internal forces demand change and adaptation.

The Holy Grail for Commercial Underwriting: Fast, Accurate Data

Last month, Insurance Quantified hosted a panel at ITC Vegas, the world’s largest gathering of insurance innovation. Our Vice President of Groundspeed Product Management, Suman Palit, moderated “The Holy Grail for Commercial Underwriting: Fast, Accurate Data”, featuring expert insurers David Mocklow (EVP of Strategy & Transformation at MSIG North America) and Ryan Cole (Vice President, Head of Group Innovation at Everest). David and Ryan, together with Suman, led a compelling discussion on how commercial underwriting teams can harness technology to redefine industry standards and expectations for data speed and quality.

How Insurance Quantified, Now with Groundspeed Is Bringing Trust Back to Commercial P&C Underwriting Tech

It’s been a busy few months at Insurance Quantified as we welcomed Groundspeed colleagues and clients to our team and set out to deliver on our shared mission to maximize the value of underwriting data for commercial P&C insurers. Today, we are excited to share what has been happening behind the scenes to enhance our underwriting solutions and reintroduce a sorely missed value back into the insurtech landscape: Trust.

ITC Vegas 2023 | 10/31 – 11/2

Join our very own Suman Palit, Vice President of Groundspeed Product Management, on November 2 from 3:05 - 3:40 PM for “The Holy Grail for Commercial Underwriting: Fast, Accurate Data” panel. The group of experts will discuss how the industry is using technology to redefine standards and expectations for speed and quality of data.

Eliminating Fraud at the Point of Submission: New Data and Techniques for Commercial Trucking Underwriting

In a recent webinar from Insurance Quantified, in partnership with driver risk platform SambaSafety, industry professionals unpacked the current state of commercial trucking, how fraud can fall through the cracks and how underwriters can use data and technology to help eliminate it. The panel featured Joshua Nolan (Product Manager at Insurance Quantified), Dave Michelson (former CEO and President of National Interstate Insurance Company) and Grahm Saunders (Senior Solutions Consultant at SambaSafety).

Target Markets Annual Summit | 10/16 – 10/18

We are thrilled to be a Gold sponsor at the 2023 Target Markets Annual Summit in Scottsdale from October 16-18. The team at Insurance Quantified now with Groundspeed is looking forward to in-depth conversations about the insurance industry.

MCIEF Annual Conference | 10/3 – 10/6

Insurance Quantified now with Groundspeed is excited to attend the 2023 MCIEF Annual Conference in Orlando from October 3-6. We look forward to learning about the newest advancements in the motor carrier insurance industry and seeing our clients, partners and industry colleagues at the event.

WSIA Annual Marketplace | 9/17 – 9/20

Insurance Quantified attended the WSIA Annual Marketplace September 17-20. Read here for some takeaways from the event.

Defining Insurance Underwriting Roles in a World With AI

Technology has modernized a number of industries – but insurance underwriting stands out as an area that has remained relatively underserved by technology, still largely taking place between the inbox and Excel. But this doesn’t have to be the case. Recent years have seen the rise of modern tools that incorporate AI and machine learning methodologies to expand opportunities for underwriting.

Eliminating Fraud at the Point of Submission

Join Insurance Quantified and SambaSafety on September 27, 2023 for a deep dive webinar on how underwriting teams are using this powerful combination of the right data and tools to discover discrepancies in commercial trucking applications.

Overcoming Fear of Change: How Effective Onboarding Fuels Success with Underwriting Technology

The insurance industry has been slow to adopt technology overall, and for good reason. Insurers have been burned time and again by technology projects – they overextend, underperform, misalign or simply don’t move fast enough. Onboarding plays a big role in this. When executed well, onboarding supports firms in making the most of their investment.

Panel Recap: How AI Can Help You Find and Keep Quality Talent

In a fireside chat at the 2023 DigIn Conference, Jeff Tyler of Insurance Quantified and David Daniels of MiniCo Insurance Agency (a Jencap Company) discussed how insurers can leverage AI tools to become a preferred employer and supercharge existing and future underwriting talent. Here are a few of the highlights.

How to Handle Submission Overload: Key Tech Capabilities for Underwriting Prioritization

Companies that are inundated with submissions can benefit tremendously from finding a solution that will not only complete the intake process in a timely, accurate manner, but can also apply rules that help prioritize and ultimately surface the best opportunities for underwriters to focus on. As you are evaluating technology solutions, here are three core capabilities you should look for.

“I Know, You Don’t Have Time to Read This. You’re Drowning in Submissions.”

The business benefits of responding to all submissions go beyond cementing a reputation for being timely and responsive. It also unlocks the opportunity to quote more business and thus write more premium, as innovations like easier access to data and smoother workflows facilitate a more scalable underwriting process overall.

How Groundspeed’s Quality Assurance Model Ensures Trustworthy Underwriting Data

This blog post explains how Groundspeed provides high-quality risk data with our Quality Assurance Process, which is the best in the industry and delivers over 98% data point accuracy without sacrificing speed.

Practical Data Science: Key Principles for Maximizing and Integrating Data Science Across the Business

In the last decade, data science has gone from being named “the sexiest job of the 21st century” by Harvard Business Review to threats of these jobs being replaced altogether by recent advancements in LLMs as popularized by ChatGPT. But data science can play a very important role in driving business impact.

The Combine Harvester for Commercial Insurance Carriers

Informed Decisions, Better Experiences: Realizing Data-Driven Efficiencies with SubmissionIQ

Samantha Cowley, Director of Underwriting Operations at the International Transportation & Marine Agency (ITMA), sat down with Insurance Quantified for an insightful discussion on how SubmissionIQ has contributed to increased efficiencies across her team and material improvements to their daily work.

Transforming Commercial Insurance Underwriting with AI

In this two part series, Groundspeed shares some of our products' AI functionalities as well as business impacts and how our AI product can help commercial insurance carriers.

The Importance of Timely, Accurate Data in Commercial Insurance

In the insurance industry, a common pain point is access to the information needed to make decisions and run the business. David Daniels, EVP and Director of Product Development & Innovation at MiniCo Insurance Agency, a Jencap Company, reflects on his career in insurance and discusses the opportunities he sees for data and technology in this Q&A with Insurance Quantified.

The Underwriter’s Edge

Underwriting commercial P&C insurance is complex – each industry looks different, small businesses are different than medium-sized ones, and each product can bring on new complications. Combine these challenges with an industry talent crisis, and it has never been more difficult to position your underwriting function for success.

Building Up Underwriting Talent: A Three-Step Program for a Four-Generation Workforce

With the introduction of Gen Z into the insurance workforce, underwriting employees span four generations, bringing with them different experiences that color their approach to work and their expectations for employers. How can you take advantage of this unique moment and capitalize on each generation's strengths?

A Pivot to People: Overcoming the Talent Crisis in Commercial P&C Underwriting

There's a perfect storm happening with respect to hiring and retaining underwriting talent. Technology provides a real opportunity for employers to differentiate themselves in the market and foster a happy, engaged and productive workforce.

In Insurance Technology, A Little User Empathy Goes a Long Way

Too many technologists can connect with this story: you deliver something that you feel is genius, only to have nobody use it. To avoid this dilemma, we advocate for a “user-first” approach to technology initiatives where you earn the trust of business partners with a little empathy, steady stream of value and a lot of communication.

Delivering on the Promise of Automation in Commercial Insurance

Imagine dining at an elegant restaurant. The waiter escorts you to your seat, you select a five-course meal and then settle in for what may be a long wait as the chef prepares your food. But, to your delight, the server instead brings out each course without delay and at the perfect moment. The food is delicious, and when you receive the bill, the cost is no more than it would be at a neighborhood diner. On your way home, you think about your surprising and pleasant visit.

How and Why to Engage the Whole Company in Product Development

Having the same people review the same product repeatedly can lead to gaps. At Insurance Quantified, one way we overcome this is by inviting all employees to put on their user hats and test out the client experience during an annual bug bash. It's not only an opportunity to find bugs, it helps us build culture and work together to mold our product into the best version it can be.

Meeting Your New Year’s Resolution to Use More Data and Technology in Underwriting

To accomplish the dual goal of augmenting underwriting with timely and relevant data while keeping employees happy and productive, a different approach is required. In our work to help our clients achieve these ends, we’ve identified a few key patterns that have facilitated success.

Groundspeed Adds Loss Reserve Insights to Its Line of Data Products

Loss history is a crucial component of any commercial insurance submission, as underwriters rely on past trends to estimate future loss activity and determine if an account falls within its risk appetite. A complete loss history comprises both closed claims, where the severity of the loss is clear, and, in many cases, open claims, where the final total incurred is unknown. Reserves set aside by the current carrier offer some information on open claim development, but reserving practices vary by carrier and are often inaccurate. As a result, open claims add an unwelcome degree of uncertainty to risk assessment, which can lead to adverse selection, pricing inaccuracy, or even missing out on profitable business.

Boosting Insurance Risk Assessment with Consolidated Analytics

Groundspeed was selected as a Top 10 Insurtech Startup for 2022 by Insurance CIO Outlook. This is the repost of our article in Insurance CIO Outlook’s Insurtech Startup edition 2022. Groundspeed was acquired by Insurance Quantified in 2023.

The End of Underwriting Tradeoffs

In this blog post, you’ll learn how our Artificial Intelligence with Human in the Loop system helps commercial insurance carriers get the data they need at 98% accuracy, quickly, and at low cost.

Do Large Insurance Companies Really Have a Technology Advantage? Agile, Adaptable Smaller Firms Cast Doubt

Larger companies have the financial resources to invest in bespoke solutions and technology build-outs, as well as the in-house talent to operate these systems. But bespoke takes time. Smaller companies, with leaner teams and a blank technology slate, can move faster and see relatively quick return on technology investments. The key is getting started.

Loss Runs Transformed Through Groundspeed’s AI Platform

What if you could transform your underwriting process to have complete risk data gathered from various insurance documents and delivered to your underwriters in as little as two hours? Not only would the data be provided quickly, but it would be 98% accurate. With Groundspeed, this transformation is possible. This blog will highlight the importance of loss runs and how Groundspeed uses human-in-the-loop AI to transform the commercial underwriting process, so carriers can unlock the value in their unstructured data and evaluate risk faster.

How Underwriters Can Leverage Technology to Drive Profitability

Between manual data entry, complexity of evaluating risks in the digital world, and ambitious growth targets, the demands on underwriting teams are intense. In this on demand webinar, Insurance Quantified's Jeff Tyler discusses how the right technology and data insights can augment and amplify teams, helping them drive greater business impact.

Key Data Management Strategies To Best Enable Data Science Applications

Having a thoughtful and effective data management strategy will allow you to make the most of your data science applications. Read insights in our ebook on those data management strategies that will help lead you to better results, including improved risk decisions, from machine learning and other data science techniques.

Travelers: Streamlining the Submission and Quote Process

Groundspeed’s Rapid Fusion Data Pipeline removed the need for manual data entry, providing underwriters with actionable information in less time for enhanced risk selection, underwriting efficiency, and business growth. Travelers is currently increasing their quote ratio, reducing underwriter bias in submission selection, and creating an underwriting dataset to determine growth opportunities.

Navigating an Insurance Carrier’s Innovation Journey

Watch this webinar to hear data science lessons learned working with insurers — and how data science can help underwriters.

Driving Safety: Undertaking a Technology Transformation to Create Safer Roads

Indiana-based Protective Insurance has nearly 100 years of experience safeguarding fleets of trucks and their drivers. Watch this webinar to learn about their technology transformation journey and how they plan to use technology and data science to drive profitable growth by making the roads safer.

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