HX Group improves underwriting with expert.ai
HX has formed a partnership with expert.ai to augment its data analytics services. By leveraging expert.ai for Insurance, HX is streamlining data extraction from historic and ongoing submissions to enhance policy analysis, as well as identify emerging risks, trends and signals to improve service and product innovation.
HX is the data, analytics and advisory division of Howden Group Holdings, a London-based, employee-owned insurance group, founded in 1994.
"We registered record demand across our services as the insurance market reacted to the pandemic, and we were already solidly positioned to advance digitalization," said David Crompton, head of data assurance at HX. "Our offering distinguishes as it includes the most innovative, results-oriented solutions as those provided by expert.ai, which gave us an immediate competitive advantage over other less developed solutions in the market. Thanks to their unique NLU/NLP capabilities, we are able to augment data services for our clients whilst ensuring tangible ROI and business outcomes."
Augmented underwriting provided by expert.ai is aligned with HX's mission to help insurers, re-insurers, corporates, and brokers maximize their resources and unlock new opportunities with superior data insights.
Expert.ai for Insurance automates the reading and analysis of contracts by leveraging natural language understanding (NLU) to deeply comprehend the meaning of words in context, as a senior underwriter would do, but at scale. In doing so, it streamlines the extraction of key policy parameters from historical submissions available on Lloyd's marketplace.
To make the reach of the parameter extraction easier and faster, as well as more accurate and complete, more than 70 different concepts have been identified, enabling HX clients to gain a competitive advantage by easily accessing new insight and trends, product personalization and risks signals.
"In the insurance industry, the COVID-19 pandemic has accelerated the need to develop a more sustainable, customer-centric approach. Artificial intelligence is proving to be a key enabler in the evolution from 'detect and repair' to 'predict and prevent," said Ian McLoughlin, expert.ai business development executive. "We are honored that HX has selected expert.ai to optimize its data analytics and delivery costs optimization for underwriting."
For more information, visit www.hxinsurtech.com and www.expert.ai