(Miami. Image credit. Ashley Satanosky/Unsplash.)
Ping Data Technology, a Miami Beach, Fla.-based provider of AI-driven data ingestion, cleansing and geocoding solutions to the insurance industry, and ACORD Solutions Group (London) have announced a strategic partnership. Ping’s technology specializing in property statement of values (SOVs), combined with ACORD Transcriber’s intelligent document processing capabilities, will aid property underwriters assessment of property risks previously held on complex SOV documents, according to a joint statement from Ping and ACORD.
Stuart Mercer, CEO, Ping.
Ping and ACORD say their partnership leverages Ping’s SOV ingestion technology with ACORD Transcriber’s data extraction and population AI models to process all ACORD Forms, including SOVs 140 and 125s, exchanged in the US property and casualty industry. According to the statement, the integration facilitates a seamless workflow for property underwriters to easily extract SOVs and auto-feed into catastrophe models, including RMS and AIR, and see the visualized output on an intuitive user interface. The entire process is completed in a matter of seconds, replacing a complex and time-intensive process by property underwriting departments.
“This strategic partnership with ACORD Solutions Group enhances our ability to deliver comprehensive straight-through processing for our clients,” comments Stuart Mercer, CEO, Ping. “By integrating our advanced data ingestion and data-driven underwriting capabilities with ACORD’s standardized forms processing, we’re creating additional value for carriers, MGAs and brokers.”
Chris Newman, President. International, ACORD Solutions Group.
Groundbreaking Solution Powered by Subject Matter Expertise
“We’re pleased to partner with Ping to facilitate straight-through processing for the property market faced with complex SOV documents,” says Chris Newman, President. International, ACORD Solutions Group. “This ongoing partnership brings together a groundbreaking solution powered by a tremendous depth of property insurance subject matter expertise across both Ping and ACORD Solutions Group. This is an exciting example where industry owned capabilities combined with innovative technology is producing transformative changes.”
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