The Groundspeed Solution
Groundspeed is dedicated to automating and illuminating commercial insurance analytics. There is a treasure trove of valuable information found in insurance loss runs, exposure schedules and policies. Our clients tell us that before Groundspeed, 80% of this data was lost and the remaining 20% was used primarily for operational purposes. We use machine learning to harvest, normalize, enhance and extract data to your precise specifications so that it can be transformed into information that can be used to improve margins, identify profitable pools of business and improve clients’ customer experience. By Groundspeeding your data, you can unlock the value in your unstructured data and achieve an information advantage in the marketplace.
Adaptive Data PipelineTM
Our Adaptive Data Pipeline converts files like loss runs, exposure schedules, policies and submissions to cleaned, structured and enhanced information.
Explore Client Success Stories
Groundspeed offers unique solutions that improve service, optimize compensation, improve pricing, heighten market intelligence, reduce costs, and drive growth for Brokers and Carriers.
Uncovering Underwriting Profit for Public Broker
In support of a broader strategic agenda, this broker sought to understand underwriting profitability within a book of business across a variety of dimensions. Groundspeed extracted data from 45,000 claim, exposure and policy files, including PDFs, Excel workbooks, Word documents, zip files and emails. Groundspeed used 1,000s of machine learning, text mining, and natural language processing methods for labeling, cleaning, normalizing and predicting data. Groundspeed delivered information on ultimate loss ratio by client, identified trends in carrier placements by line of business, year and layer and established benchmarks for limits, sub-limits, self-insured retentions and deductibles, enabling the organization to understand profitability within this book of business and make decisions accordingly.
Policy Analysis for Top-10 Broker
A top-10 broker wanted to mine the data stored within their organization to fully realize market trends and establish benchmarks in order to better serve their clients. They asked Groundspeed to harvest, ingest, normalize, extract and analyze more than 150,000 of their files containing policies, binders, quotes, certificates and applications. These documents were found in the form of PDF, Excel and image files – all in an unstructured format. Groundspeed used their technology to deliver deep insight into: limits, sub-limits, effective and expiration dates, retentions, deductibles, underlying limits, and attachment points. In accordance with delivering these outputs, Groundspeed also worked closely with the client to assist in understanding and harnessing the power of this data and feed internal systems.
Automated Client Reporting for BI-100 Broker
This brokerage staff spent weeks collecting, organizing and analyzing loss, exposure and policy information and then populating Excel worksheets to build stewardship reports. With an engagement with Groundspeed, the brokerage staff now simply uploads historical loss, exposure and policy information into Groundspeed’s dashboard. Groundspeed then automatically converts files to structured, web-based views and constructs custom stewardship reports. Broker now has an easy way of automatically creating and providing clean and professional stewardship reports for its clients. Additionally, this broker has gained highly useful insight into important claims and trends, loss ratios of key accounts and key markets via dynamic web-based views on the Groundspeed Dashboard.
Automated Submission Processing for Top-5 Carrier
The processing of loss runs and exposure schedules by this carrier’s underwriters required significant manual effort, was prone to error and resulted in 80% data loss. Failure to capture claim and exposure detail led to gaps in understanding competitor loss development and pricing trends. Groundspeed created a file queue to capture inbound submission files in PDF, Excel and Word. The Groundspeed data pipeline then extracted, cleaned and transformed submission data fields automatically and created a continuous delivery of detailed account, exposure, and claim data to their underwriting system. Underwriters are now freed from entering data and can devote more time to writing business. In addition, a complete data set highlights competitor rate sufficiency and loss development trends.
Loss Run Processing for Top-25 Carrier
Our client, a top 20 carrier, sought to broaden potential quote opportunities from their flow of submissions. They wanted to structure information early so management and underwriters could assess each account quickly, without reviewing the entire submission. A process was created to capture all relevant inbound submission data and convert this into structured information for review using the Groundspeed data pipeline to extract, clean and transform submission data fields automatically for rating and underwriting. The client increased quote ratio and reduced underwriter bias in submission selection, and underwriters have been freed from the task of entering data to focus on submission evaluation and production. Client is creating a comprehensive set of underwriting data to determine growth opportunities.
Enabling Book Roll Processing for Top-25 Carrier
Our client sought to improve its book roll process to reduce conversion leakage as well as meaningfully improve loss run review process effectiveness and efficiency. Groundspeed’s automated loss run request and ingestion service was used to directly solicit expiring carrier underwriter for up to date loss runs. In addition, Groundspeed’s Data Pipeline process structured all loss runs and provided a structured file losses incurred and developed over time to book roll underwriter. This client now received structured loss data without human involvement for over 90% of book roll accounts. In even the client’s initial trial of a multi-million dollar book roll, client realized more than a 10% increase in book roll conversion as a result of Groundspeed’s automated loss run processing.