Canada's oldest property and casualty insurer partners with Element AI to integrate AI-powered Underwriting Partner product to deliver highly accelerated, accurate, and impartial quotes
MONTREAL, April 17, 2019 /CNW Telbec/ - Element AI, a global AI products and software company, and Gore Mutual Insurance Company (Gore Mutual), Canada's oldest property and casualty (P&C) insurer, are working together to integrate the Element AI Underwriting Partner software product with Gore Mutual's underwriting practice. Respected for its pioneering spirit of embracing new, transformative Insurtech advancements—Gore Mutual is adding the latest machine learning (ML) insights and algorithms from Element AI to benefit its customers, insurance brokers, and employees. Created using Gore Mutual proprietary data, the Element AI Underwriting Partner software product will accelerate and ease the underwriting process for fair and informed decisions.
Gore Mutual began working with Element AI to install and leverage artificial intelligence (AI) as part of its underwriting technology process to augment risk assessments and reduce data entry time for its underwriters. Adding the Element AI Underwriting Partner software into its technology mix will enable Gore Mutual's underwriters to make better decisions faster and spend more time nurturing relationships with insurance brokers and customers.
"As a 180-year old insurance company, we have a massive inventory of unstructured data, but we estimate that about only 20% of it is being used," said Sean Christie, CIO and VP of Information Services at Gore Mutual. "Collaborating with Element AI to integrate the latest AI technology is a bold, disruptive move that we believe will benefit our insurance broker partners and customers by working alongside our underwriters to create a competitive edge from all that unused data. We can leverage it across our business to strengthen products, policies, claims, billing systems, and more."
Built on a perpetual 'learning', modular approach, the Element AI Underwriting Partner software was engineered to integrate with the Gore Mutual underwriting system to quickly optimize and facilitate the many tasks involved in underwriting. Both companies worked together to build the necessary data sets and learning models needed to quickly begin augmenting underwriting decisions. This process provides underwriters with more informed insights into risk assessments that facilitate processing for accelerated underwriting efficiencies.
"Element AI is excited to collaborate with Gore Mutual to bring one of its first AI-powered products to market, demonstrating the evolution beyond rules-based automation (RBA) in underwriting, while maintaining transparency and explainability. This is a great validation of our AI technology in a highly competitive industry that is racing to integrate and adopt the benefits of AI," said JF Gagné, co-founder and CEO at Element AI. "Beginning as a generic product that rapidly learns and improves over time as it is used, Element AI Underwriting Partner software helps accelerate cycle times to process a higher volume of applications. Delivering faster, more accurate quotes will result in a win-win for Gore Mutual and its customers," added Gagné.