Tech Update: Risk Solved and expert.ai Offer Language-to-Data Solution for Insurers; Zurich Insurance Launches Global API Marketplace

Risk Solved and expert.ai Offer for Language-to-Data Solution for Insurers

Risk Solved Ltd, a global risk management platform provider, and expert.ai, an artificial intelligence (AI) specialist in natural language understanding, have announced a partnership to deliver a language-to-data solution for insurers and managing general agents.

The combined solution automates the reading and analyzing of written text to extract meaningful data at speed and scale. This is done by leveraging symbolic AI and machine learning (hybrid AI approach) to deliver the highest degree of accuracy, explainability, and flexibility.

In turn, by using historic risk data, the solution provides insurers with a number of data enhancements and improves risk rating. It also reduces manual reporting and re-keying of information for field engineers, underwriters and claims managers.

“This partnership with expert.ai offers another innovative service for our clients. We are focused on building an ecosystem of innovative solutions with market leading technology partners which responds to the need for greater efficiency and insight in the risk engineering and underwriting processes,” commented Richard Thomas, chief strategy & partnerships officer at Risk Solved.

“As we continue to grow the number of strategic partnerships with other leading technology providers, so does our commitment to offering the insurance industry with a suite of services that bring a real step-change in how MGAs, insurers and their insureds are supported,” Thomas added.

“We are delighted to be partnering with Risk Solved and to be able to share our combined services with our respective client bases,” said John Wilkinson, SVP EMEA Sales at expert.ai.

“By automating the extraction of data from text within the Risk Solved platform, we can provide unique risk management services, helping risk engineering teams to find the ‘signal through the noise’ to deliver actionable and real-time insights,” Wilkinson said.

About Risk Solved and Expert.ai

Risk Solved was launched to the insurance market in 2016 to provide a global digital risk management platform enabling carriers to improve their portfolio profitability. Its team is made up of insurance experts who have partnered with industry software specialists to create a global risk management platform bespoke for the insurance sector.

Expert.ai supports a broad range of insurance cases by enabling human-like understanding of unstructured language data to make decision-making faster and easier. With expert.ai, teams can achieve 95% accuracy of automated policy review, reduce document review times by 90%, increase customer satisfaction and deliver reviews 40% faster, the company said. With offices in Europe and North America, expert.ai serves global businesses such as AXA XL, Zurich Insurance Group, Generali, the Associated Press, Bloomberg INDG, BNP Paribas, Rabobank, Gannett and EBSCO.

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Zurich Insurance Launches Global API Marketplace, Zurich eXchange

Zurich Insurance Group has launched Zurich eXchange, a newly created global API marketplace that brings together the best services from across the Zurich Group, enabling faster integration and more efficient collaboration throughout the company and with customers and partners.

Zurich said the move marks the next chapter of its digital transformation journey.

An Application Programming Interface (API) enables different systems to communicate with one another effectively, which makes them an indispensable part of any digital transformation. Opening up and publishing its APIs helps Zurich avoid complex point-to-point integrations and allows customers, distributors and partners to connect digitally with Zurich from a single, all in one platform.

“The launch of Zurich eXchange marks an important milestone: it enables partners and business to seamlessly integrate with our products and services, and it plays a key role in promoting innovation to deliver real value for our customers,” commented Ericson Chan, group chief information and digital officer, for Zurich.

Zurich’s modernized API-led approach is built around a shared API management platform and group-wide API standards designed to ensure that when Zurich builds APIs, they can be easily discovered and reused. This new approach has already been adopted by 15 Zurich business units and currently covers 1,433 managed APIs, with more than 63 million API-enabled transactions per month.

With Zurich eXchange, customers and partners can now also discover and leverage a collection of Zurich’s best APIs globally. It currently offers 50 open APIs all in one place, where they can be employed more easily by Zurich’s customers and partners.

Through these APIs, for example, Zurich is already enabling its commercial claims customers to seamlessly access their latest claims data and policy documents digitally at any time. Other APIs allow customers and partners to easily integrate new Zurich insurance products into their own digital channels.

“While APIs aren’t new, Zurich eXchange demonstrates Zurich is serious about doing digital business. Our new API-led approach allows us to leverage our global footprint and expertise,” said Frank Verkerk, group chief platform officer.

“By collecting our APIs in one place, they can be shared more effectively both across Zurich and with our customers and partners. At the same time, we ensure that they are easy to use, well-managed and secure,” Verkerk added.

Topics Carriers InsurTech Tech Data Driven New Markets Artificial Intelligence