(Pennsylvania state capitol, Harrisburg. Source: Pacapitol.com.)
Penn National Insurance, a Harrisburg, Pa.-based property/casualty mutual insurance company, founded in 1919, has selected DataCubes to improve its underwriting process. Penn National Insurance will deploy DataCubes’ (Schaumburg, Ill.) d3 Risk 360 and d3 Answers to help its underwriting team substantially increase the efficiency and speed of its commercial property/casualty quote process, according to a DataCubes statement.
“DataCubes will enable our underwriting team to quickly identify underwriting risk characteristics and to systematically collate relevant underwriting data from various sources to improve business agility and the decision-making process,” comments Randy Mancini, VP, Commercial Lines, Penn National Insurance.
DataCubes describes its d3 Underwriting platform as AI-driven and trained to emulate the best practices of a human underwriter. With its machine learning models, DataCubes analyzes and interprets over four billion data points to build robust business profiles that help carriers discover important underwriting insights and risk characteristics in near real-time, the vendor says.
More Time to Dedicate to the Human Side of Underwriting
“With our AI analyzing the digital footprint of a business, and reducing the number of underwriting questions that need to be asked manually, Penn’s underwriters will have a lot more time to dedicate to the human side of underwriting,” comments Kuldeep Malik, co-founder and CEO at DataCubes. “This technology will enable a more consistent and comprehensive review process, thereby resulting in reduced expenses and loss.”