(Image credit: Felix Mittermeier.)
Chisel AI (Toronto) and Xceedance (Boston) have announced a strategic partnership to deliver what the firms characterize as best-in-class, on-demand, AI-powered policy checking and review technology and services to commercial brokers and agents.
Chisel AI describes its automated policy check solution as digitizing and standardizing the entire process of comparing an existing policy, quote, and binder against a new policy to ensure contract certainty in minutes. Xceedance says will leverage the Chisel AI platform to further elevate on-demand policy checking support, as part of the company’s extensive operational capabilities for brokers and agents. The combined offering supplies what the firms call an end-to-end, intelligent solution and services for policy checking to brokers and agents, whenever needed.
“Providing the industry’s only purpose-built AI solution for policy checking, Chisel AI is excited to join forces with Xceedance to provide commercial insurance brokers and agents with an efficient, cost-effective, and customer-centric approach to review policies for errors and omissions prior to issuance,” comments Jason McDermott, president, Chisel AI. “Our combined, on-demand solution enables brokers and agents to focus on advising customers, nurturing relationships, and building their books of business.”
By integrating automated policy checking capabilities featuring advanced AI and machine learning, combined with insurance-focused operational services, the Chisel AI and Xceedance on-demand service empowers brokers and agents to focus on policyholder needs, according to a joint statement from the companies. The combined service ensures appropriate policy coverages and adequate protections are in place, terms and conditions are accurate, and the risk of errors and omissions is greatly reduced, the companies say. Additionally, the automated solution can replace traditionally manual processes, lower policy review costs and turnaround times, and drive significant lift in operational efficiency, according to the statement.
Methodical, Automated Support
“Until now, brokers and agents had to hire more employees or outsource manual policy checking to validate lengthy policies for accuracy—a time-consuming, costly, and error-prone process, which could expose brokers and agents to unnecessary E&O risk,” says Travis MacMillian, chief business officer, Xceedance. “The Chisel AI-Xceedance on-demand policy checking partnership facilitates the core responsibility of brokers and agents to systematically check policies for potential errors and omissions before issuance. Methodical, automated support is now available when needed, for every policy issuance workflow or for peak periods of business.”