Underwriting Just Got More Connected Than A Tesla

Data is great. It can let you get a snapshot of your policy book, show a claims pattern that suggests potential fraud, or it can flag a new niche product innthe making via customer enquiries and feedback. But how can insurers and MGAs use data more effectively? By getting more connected and layering the right data, at exactly the right time, when underwriting and pricing risk. Here’s some news from Artesian;

Artesian Solutions, a leading provider of client relationship intelligence and risk solutions, has today announced the launch of Artesian Connect™, a new way to solve complex and high-value commercial underwriting challenges.

Artesian Connect™ combines leading advances in data-science with a revolutionary way to harness the collective expertise which exists in an underwriting team in the relation to know-how, also capturing existing business-rules, policies or regulatory requirements.

Artesian call this the Know-How Equation™. Artesian Connect™ combines everything an underwriter knows about its customers, business and market, and leverages an advanced rules-engine that ingests millions of structured and unstructured data points to layer on top of that know-how, quickly delivering impactful insights and risk intelligence needed to deliver the ultimate in underwriting acumen. Efficiency, efficacy and consistency.

QBE, an early adopter of Artesian Connect™, has reported that during the trial phase of the platform they have been able to automate many aspects of the Commercial underwriting process which touch external unstructured data, including new COVID-specific risk data sets, which Artesian Connect™ could easily ingest. QBE also spoke to the benefit of a simplified and consolidated underwriting process taking the decision to make Artesian Connect™ uniform across all 200 of its underwriters.

Speaking about the experience, David Jones, Director of Underwriting at QBE commented: “The flexibility and configurability of Artesian’s platform enables QBE to be proactive, rather than reactive, to changes in data for client assessment.”

Andrew Yates, CEO at Artesian, explained further: “Artesian Connect™ is pioneering a new era in modern data and insight-driven underwriting – helping underwriters transform existing know-how into acumen with the power of data science, and empowering them to do what they do best by understanding their customers in a totally new and holistic way.”

“With the combination of leading data science, premium data combined with any data the Customer has available plus their given expertise in the area of focus – Artesian Connect™ can deliver transformational results in underwriting, client acquisition, client on-boarding and relationship management. With Connect, modern Underwriting teams can rapidly merge disparate data sources, create bespoke rules for risk selection utilising rich firmographic data and, most importantly, deliver insight from unstructured data that paints a much deeper picture for client assessment. Artesian Connect™ is set to play a big part in the future of underwriting automation.”

About alastair walker 5852 Articles
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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