AXA XL selects Expert System’s Cogito platform
AXA XL Risk Consulting is using Expert System’s AI to enhance its property risk engineering capabilities.
As the complexity and breadth of data available to insurers continue to grow, AI will become an increasingly important part of the insurance industry’s processes.
AXA XL has a history of experimenting with a wide range of cutting-edge technologies to explore what is possible, having worked with several AI startups through its Accelerate and Digital teams.
AXA XL Risk Consulting delivers a range of risk management solutions and consulting services. Its global network of professionals helps identify current and future risks, while providing practical and realistic solutions to optimize and mitigate them.
AXA XL Risk Consulting is now working with Expert System which develops cognitive computing software based on AI algorithms.
In order to help with the assessment of property site surveys, the team is using Cogito—the Expert System platform that uses AI to identify the correct meaning of words and expressions in context, and understands the relationship between different concepts.
According to AXA XL Risk Consulting, automating the process of reading site survey reports through natural language processing enables it to expand the breadth of documentation and volume of accounts that can be reviewed, focus risk engineering time on high impact areas, increase its ability to mitigate client site risk, and underwriters to decrease their speed-to-quote time. As a result, AXA XL’s risk consultants are able to extract the knowledge and insights from 100-plus page engineering surveys within minutes.
“When assessing our clients’ risks, our property risk engineers carry out site visits and review internal and third-party risk survey reports,” said Jonathan Salter, head of property risk engineering at XL Catlin, now part of AXA XL, AXA’s P&C and Specialty division. “On average, they go through more than 10,000 of these reports every year. By automating parts of that review process, engineers have more time to understand our clients better and advise our underwriters, who can in turn provide better solutions and faster quotes to our brokers and clients.”
More information about the Cogito platform and Expert System’s products for the insurance sector is available at www.expertsystem.com/products/cogito-claims.