(Image source: NeuralMetrics homepage.)
NeuralMetrics (Denver), a provider of AI-generated commercial underwriting data, announced the availability of its underwriting data workbench, powered by generative AI and enriched large language model (LLM) support. The NeuralMetrics workbench allows underwriting teams of insurers, MGAs, brokers, and agents to access and manage detailed, actionable risk insights from the web in real-time, according to a statement from the vendor.
NeuralMetrics notes that commercial insurance organizations increasingly seek data solutions to make risk-assessment decisions based on an immediate and comprehensive analysis of diverse businesses and their associated risks. The vendor says its underwriting data workbench utilizes the latest large language models and machine-learning techniques to interpret and process vast amounts of up-to-the-minute data to determine risk intelligence and industry classification details, which boosts accuracy and adaptability to dynamic changes in risk-assessment conditions of insurable businesses.
“With an AI-enabled underwriting data workbench, insurance organizations can leverage state-of-the-art technology to ‘know the unknown’ as they evaluate commercial exposures at a micro level,” comments Sathish Manimuthu, CTO, NeuralMetrics. “A workbench to attain and coordinate risk data on an as-needed basis facilitates precise answers to disparate risk questions about insurable businesses. Moreover, data transparency is a key aspect of ensuring the trust of underwriting teams as they evaluate submissions and prepare quotes. Our workbench permits underwriters to directly examine the sources for all data elements, including a confidence score for the origin of every piece of information.”
Insurable businesses typically face intricate market conditions, competitive pressures, regulatory issues, licensing entities, workforce adjustments, supply chain variabilities, and shifting customer expectations, the vendor statement observes. NeuralMetrics says that it initially launched its underwriting data product suite with a focus on deploying machine learning models to illuminate such dynamics, through the prompt identification of fluctuating commercial risk factors, industry classification, and other underwriting data. With the integration of generative AI and enhanced LLM capabilities, variable risk factors are fully expressible and composable in an underwriting data workbench, empowering underwriters and their stakeholders to address their risk-assessment priorities quickly and objectively, in compliance with industry regulations, the vendor explains.
More Detailed, Nuanced Risk-Quality Perspectives for Commercial Underwriters
“Based on the company’s proven product foundation for accessing up-to-the-minute data and insights about exposures, the NeuralMetrics underwriting data workbench improves the abilities of underwriters to interact with agent/broker partners and assess insurable businesses,” comments Prakash Vasant, CEO, NeuralMetrics. “Leveraging the advanced capabilities of our generative AI platform, we’re providing more detailed, nuanced risk-quality perspectives for commercial underwriters, who prioritize the consolidation of risk-assessment processes with their distribution networks and policyholders. The NeuralMetrics underwriting data workbench is an intelligent navigator, assisting insurance organizations to accurately compare and evaluate risk factors—leading to workflow innovation, book-of-business consistency, expanded risk appetites, and improved loss ratios.”