Utilant Releases AI-Powered Virtual Underwriting
within its LC360 SaaS Platform
LC360 is now leveraging AI to allow the intelligent assignment of survey types across an entire book of business within a unified platform.
AI’s impact on Loss Control Workflow
Historically, an Insurance Carrier is only able to onsite inspect 15% of its book of business on average. LC360 is now leveraging AI to help reduce the probability of loss on the remaining 85% of risks that typically get skipped by allowing the intelligent assignment of additional survey types across an entire book of business within a unified platform.
LC360 integrates artificial intelligence (AI), machine learning (ML), data, and analytics into all aspects of loss control. The resulting insight into a risk automatically suggests the most appropriate survey type to the loss control personnel including data-only surveys, self-surveys, guided surveys, and onsite surveys.
LC360’s automation model triggers an intelligent workflow based on criteria such as location, past losses, construction, occupancy, exposures, risk score, prior loss control data, and claims data to transform the basis for underwriting by preventing future loss, and driving deeper insights into the insurance carriers‘ business portfolio.
“Utilant’s InsurTech Product Suite harnesses the power of loss control data through AI and ML and marries it to 3rd party and public record data to provide synthesized intelligence for better underwriting decisions,’’ said Ben Holub, VP of Product Management. “Self-Surveys, Video Guided Surveys, and Desktop reviews can filter out the lower risk and lower complexity portions of your book of business. This frees up Risk Engineers to focus on surveys of higher risk or higher complexity.’’
Intelligently Analyze Images and Video with A.I.
Artificial Intelligence and Machine Learning enable Utilant to analyze a constantly expanding dataset of over 200 million photos processed in LC360 and to understand live video scenes in commercial and residential settings to automatically apply labels, identify common hazards, extract text and suggest recommendations. In a recent study conducted by Utilant, Loss Control 360‘s AI technology reduced the time it takes to review external data sources from policyholders, agents, and brokers by 50%.
Market shifts toward desktop reviews, self-surveys, and third-party data sources have increased the volume, variety, and velocity at which data is accumulated. Equipping non-experts with survey collection tools allow more risks to be reviewed. These external data sources are a rich source for AI-driven data mining that otherwise would have been humanly impossible or cost-prohibitive to collect or review in a timely manner. AI enables data analysis for quality and accuracy, taking the increased burden of data validation off of subject matter experts.
Making Loss control personnel more efficient and reducing losses is the ultimate goal of the LC360 SaaS platform. LC360’s AI creates a standardization and uniformity of collected data from disparate sources by tagging and labeling photos with the same standards as an onsite risk engineer. Applying AI to the data gathered through virtual tools is the safeguard that allows potential problems to be identified and flagged for subject matter experts to follow up on.
Loss Control personnel can now spend less time identifying and tagging items such as appliances and aging or recalled equipment while allowing the system to leverage their subject matter expertise to the criteria used for risk and hazard evaluation.
AI Text recognition has also made an initial impact on manufacturer label reading of appliances, pressure vessels, HVAC equipment, and electrical panels. The ability to read the label automatically and cross-reference the serial number, age, make, and model of the item against recall databases helps answer questions such as – “What are the most problematic claims for non-stormwater loss?”, and “Can we trigger preventative alerts from reading appliance labels?’’
Loss Control 360 is facilitating pre-underwriting of commercial and residential policies with Virtual Underwriting
LC360’s Virtual Survey or Desktop review tools allow third party data to pre-populate a survey form giving the underwriter as much data as possible to determine the best next steps on a risk.
A simple process of entering the address and basic details about a building and then requesting “show review screen” auto-triggers the aggregation of 3rd party data, previous survey data, and records of properties with similar characteristics, resulting in the system user being presented with a fully populated desktop review of that property.
LC360’s AI also gives curated data insights from a reporting standpoint that can supplement analytical and actuarial models with AI-parsed data to be consumed to help with pre-underwriting risks.
Carriers move from being reactive (claims) to proactive (prevention) with LC360
Utilant is the front runner in moving predictive actuarial models from being claims-focused to being applicable for loss control. Utilizing these pre-underwriting capabilities gives a holistic picture of a risk before taking any actions, including an evaluation of possible future claims. By identifying hazards and providing recommendations as data is collected, carriers and vendors can now create more value by proactively addressing issues and providing recommendations in real-time.
Be involved with all P&C policies & additional lines of business
Use Risk Insights for better clarity into properties
Full virtual surveys conducted by risk engineering
Virtual property reviews conducted purely by Underwriting
Utilize Full-Featured interactions with policyholders and brokers
Give clients a branded mobile application experience