Partnerships are always good news in the insurance sector; extend your reach, share knowledge and make those client wins. Here’s the latest update from AdvantageGo;
AdvantageGo, the leading global commercial insurance and reinsurance software provider, part of Coforge, today announces an Ecosystem Alliance with Insurants, a leading document processing solution for global insurance companies. Powered by proven artificial intelligence (AI), this partnership enables data transformation within AdvantageGo’s Underwriting Workbench.
Amid increasing data volumes and complexity, and the continued challenges posed by unstructured documents, Insurants, powered by AntWorks, has demonstrated a high standard for document processing in commercial insurance, regardless of document format, for faster and more efficient data ingestion.
The AdvantageGo Ecosystem offers insurers the choice of leading technology providers through a single source to accelerate digitisation.
Command of data will be crucial to determining who wins out in a competitive insurance market. The challenge here is that inefficiency in data processing plagues the commercial insurance industry, generating inefficiency in low-level tasks, double keying, triggering errors and omissions that continue to be problematic.
Insurants has shown it can enable effective and automated data transformation, from broker submissions and exposure schedules, to policy comparisons and indexing, providing a smart solution to the data ingestion challenge, regardless of document types, and including structured and unstructured data.
WORKFLOW
Submission workflow is digitally transformed through AdvantageGo’s Underwriting Workbench platform. An Outlook Add-In extracts and transforms data directly from the underwriter’s inbox. The Insurants’ AI engine is a true differentiator at this point, proven in practice and pre-trained to recognise and extract insurance-specific data, regardless of document type.
This is because Insurants has already partnered with one of the world’s biggest insurance brokers, Marsh McLennan. Through this experience it has been able to improve document processing speeds by 70%, while simultaneously training its AI engine with the task of learning a multitude of international industry formats, practiced by hundreds of insurance companies. This invaluable experience has honed its AI, providing a decisive edge against competitors.
For user confidence, an additional capability is designed to ensure visibly smooth continuity of data extraction. Insurants provides a data transformation review screen. This function shows a preview of the data attributes in the context of the original document format. The user can adjust individual data attributes before committing to the extraction for automated ingestion to a new risk submission in the Underwriting Workbench.
Ian Summers, Global Business Leader, AdvantageGo, commented:
“Insurants is a great new addition for the AdvantageGo Ecosystem. You don’t need to take my word for it, because it’s already been proven as a transformative solution in the market, bringing an AI that is already well trained to the task of dealing with data within myriad document formats.
“It’s a real solution to a serious problem, because commercial insurers are drowning in documents and unstructured data. At its core, Insurants is about amplifying productivity by more intelligent document ingestion. This aim sits perfectly with our own goals, particularly through our flagship Underwriting Workbench platform, and the two pieces of technology complement each other perfectly. Knowing it works in practice should bring real confidence to underwriters.
“Providing this solution through the Ecosystem provides our clients with additional choice, unlocking great benefits for them, as the Ecosystem project continues to flourish and expand across (re)insurance markets.”
Laurence Trigwell, Chief Revenue Officer, Insurants, commented:
“Partnering with AdvantageGo represents a pivotal step in expanding the reach of our AI and GenAI driven automation capabilities within the commercial insurance sector. By integrating our Insurants capabilities with AdvantageGo’s market leading Workbench capability, we’re enabling organizations to optimize workflows, boost efficiency, and deliver superior client outcomes. This collaboration reflects our dedication to providing innovative solutions that address the dynamic challenges faced by the insurance industry.”
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