The collaboration aims to increase customer satisfaction in the property underwriting process and allow carriers to better manage inspection expenditures.
The partnership has resulted in Liberty’s underwriters gaining automated access to thousands of third-party data sources and deeper insights into risks.
As a result of the 7-month initiative the insurer now enjoys an enhanced user experience and integration with Milliman InelliScript’s Irix — Risk Score.
The solution helps carriers reduce underwriting expenses through more efficient data collection and superior insight for underwriting risk selection, as well as improve loss experience.
The projections provide carriers a forward-looking view and serve as an external environment benchmark to recalibrate their internal projections.
With a fully digital platform, the insurer will be able to expand its offerings by launching new lines of business, products and services, using Sapiens’ product factory.
Announcements of new startups have not slowed, and the industry is seeing more second-round investments and larger funding amounts.
The insurer will combine network-connected technology with internal expertise, data and risk management to improve workplace safety and help prevent or reduce property damage.
The tool helps insurers gain quick, cost-effective access to accurate, current risk data on properties and their contents—without compromising the customer experience.
The company will be deploying the products in an EY iNexus private cloud, with implementation, ongoing services, and support provided by EY.