Luminance, the leading artificial intelligence platform, today announces that specialty MGA Ascent Underwriting, part of the Optio group, has integrated its innovative machine learning technology to expose potential risks across Ascent’s transactional liability portfolio.
Luminance’s pattern-detection approach and its proprietary technology ‘LITE’ (Legal Inference Transformation Engine), will provide Ascent’s underwriting team with instant insights and risk intelligence. This will greatly enhance underwriter decision-making processes and their overall view of risk across individual transactions.
Alex Smith, head of Transactional Liability at Ascent said: “Delivering a consistently valuable product through effective underwriting is crucial to both our clients and insurance partners. Luminance optimises underwriting by instantly highlighting all potential risks across a huge volume of documents. This means we can provide accurate feedback to our clients and better understand the risk exposure.”
Emily Foges, Luminance’s CEO, added: “We are very happy to welcome Ascent Underwriting as Luminance’s latest customer. By immediately reading and understanding contracts of any volume and in any language, Luminance allows transaction professionals to proactively identify risk and respond to this accordingly. I look forward to hearing how Luminance’s technology will accelerate the underwriting process for Ascent.”