AXA XL Risk Consulting announced it is using artificial intelligence (AI) to enhance its property risk engineering capabilities.
AXA XL Risk Consulting is working with Expert System, an Italian developer of cognitive computing software based on AI algorithms. In order to help with the assessment of property site surveys, the team is using Cogito® – an Expert System platform that uses AI to automate the process of reading site survey reports through natural language processing.
The platform enables the AXA risk consulting team 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 allow underwriters to decrease their speed-to-quote time, said the company in a statement.
As a result, AXA XL’s risk consultants are able to extract the knowledge and insights from 100-plus page engineering surveys within minutes, the company added.
“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. (Editor’s note: AXA completed the purchase of XL in September 2018 and integration of the teams is continuing).
“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,” he explained.
“Our risk engineers deal with an increasing amount of data – a trend that keeps accelerating. As a result, the industry is turning to technology to help analyze it,” said Steven Walden, director of Strategy Operations for Global Property at XL Catlin.
“Delivering enhanced data and analytical capabilities, both internally and externally, is an essential element of our journey, and the work completed in partnership with our Risk Consulting team and Expert System adds to the AXA XL tool kit,” he added.
Corinne Vitrac, chief executive officer of AXA Matrix, now part of AXA XL, commented: “In the future, the value of risk consulting will notably reside in its ability to collect and model numerous quantitative and qualitative risk data from various internal and external sources. That will help us to better assess the risks our clients face and provide even better prevention recommendations. By adopting AI-based capabilities, AXA XL Risk Consulting can enhance its risk modelling capabilities, be more efficient in the management of low value tasks, and ultimately better serve clients.”
AXA XL said it has worked with several AI start-ups through its Accelerate and Digital teams.
Source: AXA XL
Topics Trends InsurTech Data Driven Artificial Intelligence Underwriting Property AXA XL Risk Management
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