How Personalization can Aid Insurance Underwriting

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FREMONT, CA: The insurance industry is increasingly incorporating technology-driven solutions to address many of its challenges. Underwriting solution is one such aspect of the insurance sector that is benefitting highly from innovations such as artificial intelligence (AI), improved data analytics solutions, and others. When it comes to underwriting, insurance firms are eyeing solutions that can serve the particular interests of individual customers. Personalization of insurance underwriting has the potential of revolutionizing the industry.


New AI-powered cyber underwriting firm launches

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Envelop Risk, a new global specialty cyber insurance analytics and underwriting firm, has been launched in London. The firm also operates offices in Boston, Washington DC, and Bermuda. Envelop Risk provides cyber underwriting to re/insurers, partnering with cyber security firms to deliver custom cyber insurance products for their customers. Using its proprietary artificial intelligence-based simulation model the company claims to provide "more-accurate policy and portfolio pricing with increased access to capital markets, while reducing overall risk exposure". Envelop applies an augmented intelligence approach, combining quantitative methods with human expertise in underwriting and cyber security.


What is the value proposition of an MGU?

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A managing general underwriter (MGU) is a specialized type of insurance intermediary that has been granted underwriting authority by an insurer. It can administer programs and negotiate contracts on behalf of a carrier, while also conducting core functions like binding coverage, underwriting and pricing, settling claims, sales, marketing and distribution. However, if they're so similar to insurance carriers, what value do MGUs bring to the marketplace? It's all to do with capacity and specialization. Insurance carriers are under constant pressure to control their expenses.


What is the value proposition of an MGU?

#artificialintelligence

A managing general underwriter (MGU) is a specialized type of insurance intermediary that has been granted underwriting authority by an insurer. It can administer programs and negotiate contracts on behalf of a carrier, while also conducting core functions like binding coverage, underwriting and pricing, settling claims, sales, marketing and distribution. However, if they're so similar to insurance carriers, what value do MGUs bring to the marketplace? It's all to do with capacity and specialization. Insurance carriers are under constant pressure to control their expenses.


Planck Re Announces $12M Series A to Empower Commercial Insurers With AI Driven Insights

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Planck Re announces their first funding round of $12M to empower commercial insurers by generating insights that streamline the commercial underwriting process – enabling insurers to instantly and accurately underwrite any policy. The round was led by Arbor Ventures and includes Viola FinTech and Eight Roads. Founded in 2016, Planck Re is pioneering the commercial insurance data industry, providing an Artificial Intelligence (AI) driven data platform. Leveraging deep industry expertise and breakthrough data science, Planck Re streamlines the commercial underwriting process by aggregating small and medium businesses' digital footprint to help insurers acquire a comprehensive understanding of customer risk. The end result is a frictionless underwriting process with greater insurance carrier visibility into risk factors, leading to improved conversion, retention and reduced loss ratios.