Global re/insurance outsourcing and consulting specialists Pro Global Holdings Limited (‘Pro’) is delighted to announce the launch of its Cleansing Augmented Intelligence (CAI) platform as a managed service to help insurers and brokers transform the way data schedules (SOVs) are cleansed.
CAI uses a powerful augmented intelligence learning engine, and during R&D has achieved data cleansing over 50% more rapidly than a manual cleanse, handling a far higher proportion of unstructured data. A unique first-mover in the market, CAI focusses on data-inputs rather than data-output part of processing to ensure data is right first time, every time.
The platform is initially focused on cleansing the SOV data for land-based property risk to feed catastrophe and exposure models, and the experts at Pro are working on further expanding and developing this essential exposure management tool.
Richard Emmett, Head of Insurance Services at Pro, said:
“It is fantastic to be announcing the market launch of CAI after significant R&D and investment. In an unpredictable world with the risk of natural and man-made catastrophes increasing and constantly changing, it is critical that insurers and brokers can access this powerful tool that allows them to accurately and rapidly cleanse their exposure data to inform their underwriting and risk management decisions.
In this competitive world those that use the most advanced digital methods to get a handle on their data will secure an edge over those who don’t. CAI is a highly innovative solution that has the potential to transform exposure data cleansing and deliver real and tangible advantages for reducing costs and increasing efficiency for brokers and insurers.”
Sue Barenbrug, Head of Data Management and Risk Modelling, said:
“There is too much wasted time and frictional costs associated with manual data cleansing, not to mention the potential for duplicative effort, data errors and omissions.
Insurers and brokers will often be required to cleanse the same statement of values annually, containing almost identical data. Manual cleansing is quite simply a poor use of time, money and talent at a time when the industry is under more pressure than ever to secure accurate quotes more quickly.
To address this, Pro’s experts have spent the last 18 months developing the CAI platform to allow data to be rapidly cleansed, augmented and injected into their systems. Using augmented intelligence, CAI finds data schedules already cleansed, updates only the fields that have changed, exports one schema into multiple formats and – significantly – learns and improves the more it is used.
We would be delighted to speak to the wider market about how we can help you via our managed service offer.”