ANN ARBOR, May 26, 2020 – Today Liberty Mutual announced a strategic relationship with Groundspeed Analytics, Inc. to cut the time to extract submission data by 50% through the use of artificial intelligence (AI).
Properly evaluating submission documents is one of the most critical aspects of the underwriting process, and current methods don’t take advantage of the value locked in these documents. Current manual submission processes often lead to delays in issuing quotes, less than optimal risk selection, and overall poor service. By leveraging the available data in submission documents in a “data first” approach, Groundspeed is helping Liberty Mutual make better risk selections, improve time-to-quote, and deliver better customer service.
“In our latest initiative, we partnered with Groundspeed Analytics, a leading data science company, to transform unstructured documents into structured, enriched and clean information, and to more quickly get that data to specific underwriters to use in discussions with brokers and customers,” said Sandeep Haridas, Vice President and Manager, Underwriting Strategy & Excellence.
“We’re excited to partner with such an innovative commercial property and casualty carrier. Our partnership will help Liberty Mutual unlock deeper insights from the information previously trapped in unstructured submission documents while helping Groundspeed expand our list of underwriting data enrichments,” said Jeff Mason, CEO, Groundspeed.
Groundspeed is transforming how carriers, brokers, and others can leverage their data to boost underwriting results, reduce costs, and provide superior service.