Squirro launches AI insurance solution
Written by Peter Walker
Squirro has launched a new suite of applications aimed at transforming elements of insurance, from underwriting and submission-handling, to improved lead generation and deeper customer insight.
Squirro for Insurance contains three apps - Squirro Commercial Insurance, Squirro Reinsurance and Squirro Commercial Underwriting - which use its Augmented Intelligence platform to leverage siloed structured and unstructured data to improve the submission handling as well as the underwriting process.
“The insurance industry has for years been very focused on the analysis of structured data and core insurance topics, but has been a relatively late adopter when it comes to unlocking the power of unstructured data through artificial intelligence and machine learning,” claimed Miguel Rodriguez, vice president for customer success at Squirro.
“The underwriting process in re-insurance and insurance has always been inefficient and very time consuming due to the great amount of data that has to be reviewed,” Rodriguez continued, adding: “Underwriters spend a great amount of time searching for information in different data silos and comparing documents – our solutions offer a perfect example of how AI can help humans do their job more efficiently, by reducing the time spent on cumbersome research and repetitive tedious tasks.”
Squirro’s new apps manage internal data such as customer relationship history and policy detail, alongside external sources including premium insurance data and news feeds. Structure is added to this data and it is collated in one account so that insurers have a 360-degree view of each customer, providing a deeper and greater insight into risk and exposure.
It manages and analyses incoming submissions to assess whether the insurer should to take on the risk or not, based on insights taken from previous submissions, risks, contracts and further information from multiple internal and external data sources, helping underwriters to make faster and more informed decisions.
With the reinsurance and commercial insurance sectors both heavily dependent on brokers, the ability to take control of new business and lead generation is a powerful asset, stated Squirro.
“The over-dependence on brokers is a big issue for many insurance firms, as it can lead to extended fallow periods with poor quality leads,” concluded Rodriguez. “Augmented intelligence is a game-changer for the insurance industry and Squirro for Insurance can be a vital tool as the industry continues to modernise.”