By partnering with Montreal-based artificial intelligence and software firm Element AI, Canadian property and casualty insurer Gore Mutual is to adopt the Element AI Underwriting Partner software product into its underwriting practice, which will employ AI technology to augment risk assessments and reduce data entry time for underwriters.
The software, which was created using Gore Mutual’s proprietary data, required both companies to collaborate to form the data sets and learning models needed to begin augmenting underwriting decisions. The outcome is enhanced support for customers, insurance brokers and employees, as well as ease and efficiency in the underwriting process.
Sean Christie, CIO and Vice-President of information services at Gore Mutual, explained that the company estimated that only 20 per cent of the inventory of structured data is being used. “Collaborating with Element AI to integrate the latest AI technology is a bold, disruptive move that we believe will benefit our insurance broker partners and customers by working alongside our underwriters to create a competitive edge from all that unused data,” he explained. “We can leverage it across our business to strengthen products, policies, claims, billing systems, and more.”
Co-Founder and CEO of Element AI JF Gagné remarked that the collaboration between the two companies demonstrated the ‘evolution beyond rules-based automation’ in underwriting, all the while maintaining transparency and ‘explainability’. “This is a great validation of our AI technology in a highly competitive industry that is racing to integrate and adopt the benefits of AI,” he added. “Beginning as a generic product that rapidly learns and improves over time as it is used, Element AI Underwriting Partner software helps accelerate cycle times to process a higher volume of applications. Delivering faster, more accurate quotes will result in a win-win for Gore Mutual and its customers.”