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.


Munich Re introduces automated underwriting tool

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Munich Re Automation Solutions Ltd has launched an automated underwriting solution for the global mid-tier insurance market, known as'Allfinanz Spark'. According to a statement from Munich Re, Spark is a software-as-a-service (SaaS) solution that allows mid-tier firms to automate their underwriting processes and helps them explore valuable new opportunities, and enhance their customer experience for life insurance. "By offering auto-underwriting and analytics on a SaaS model, we are removing many of the upfront costs and implementation barriers to entry that mid-tier firms face, while providing the full power of our enterprise application," said Declan O'Neill, EVP for product & data at Munich Re Automation Solutions. "As a result, they can automate and accelerate customer onboarding, eliminate error-prone paperwork, repetitive questions and medical tests, and bring the power of analytical insights to their underwriting business. This means a more responsive, more agile business. Our customers who have already deployed Spark on a SaaS basis have reported substantial improvements in client satisfaction as a result."


Munich Re launches automated underwriting tool

#artificialintelligence

Munich Re Automation Solutions Ltd has launched an automated underwriting solution for the global mid-tier insurance market, known as'Allfinanz Spark'. According to a statement from Munich Re, Spark is a software-as-a-service (SaaS) solution that allows mid-tier firms to automate their underwriting processes and helps them explore valuable new opportunities, and enhance their customer experience for life insurance. "By offering auto-underwriting and analytics on a SaaS model, we are removing many of the upfront costs and implementation barriers to entry that mid-tier firms face, while providing the full power of our enterprise application," said Declan O'Neill, EVP for product & data at Munich Re Automation Solutions. "As a result, they can automate and accelerate customer onboarding, eliminate error-prone paperwork, repetitive questions and medical tests, and bring the power of analytical insights to their underwriting business. This means a more responsive, more agile business. Our customers who have already deployed Spark on a SaaS basis have reported substantial improvements in client satisfaction as a result."


The value of AI-assisted loan underwriting Blog Genpact

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The merits that artificial intelligence (AI) can bring to the loan-underwriting process deserve greater appreciation. AI-assisted loan underwriting draws together big data, which constitutes 20% of the information available to underwriters, as well as mixing in social, business, and internet data. It can also fold completely unstructured data into the mix so that decision-making is a lot easier and much more effective. AI-assisted loan underwriting is ultimately about bringing in additional data sources and technologies to improve the overall quality and speed of the loan-underwriting process. This type of loan underwriting combines traditional sources, such as Dun & Bradstreet, Equifax, and Graydon, and alternate ones, such as news media, blogs, and social data from the likes of Facebook and LinkedIn.


Countrywide Loan-Underwriting Expert System

AI Magazine

Countrywide loan-underwriting expert system (clues) is an advanced, automated mortgage-underwriting rule-based expert system. The system receives selected information from the loan application, credit report, and appraisal. It then decides whether the loan should be approved or whether it requires further review by a human underwriter. If the system approves the loan, no further review is required, and the application is funded.