(Image source: Quantiphi.)
Quantiphi (Marlborough, Mass.), an Al-first digital engineering company, has announced the launch of an AI-led Intelligent Underwriting Platform (AiUP), which will be included in Google Cloud’s Industry Value Network (IVN) solutions. The AiUP is built with Unqork’s codeless architecture and combines the power of Dociphi, Quantiphi’s intelligent document processing platform and Google Cloud’s services (Document. The platform automates the complex insurance underwriting process to improve application processing time (from weeks to just hours), user experience for brokers and agents, and ultimately quote-to-bind ratios, according to a joint statement.
Bhaskar Kalita, Global Head of Financial Services and Insurance, Quantiphi, says the company is committed to solving the most intricate business challenges in the financial services and insurance sector. “Our vision for AiUP is to be the end-to-end platform helping carriers automate the complex underwriting process in commercial insurance, thereby improving application processing times, the user experience for brokers/agents and ultimately improving quote-to-bind ratios.” Kalita comments.
Available on Google Cloud, AiUP leverages Unqork’s codeless platform with Dociphi’s patent-pending, generative Al-enabled submission intake capabilities for a fully integrated, accelerated and more seamless underwriting experience, according to the joint statement. The companies say the AiUP empowers insurers to significantly reduce the time it takes to complete the entire underwriting process, sometimes in a matter of hours instead of several weeks.
“Unqork is excited to partner with Quantiphi and Google Cloud to showcase the power of codeless technology to transform the insurance industry,” comments Farooq Sheikh, Global Head of Insurance, Unqork. “Through AiUP, insurers will be able to accelerate and digitize the underwriting process and enable accelerated servicing for their customers, for an improved and more enjoyable insurer and customer experience.”
“Google Cloud’s Industry Value Networks combine expertise and high-value solutions that help customers address common industry challenges,” comments Kevin Ichhpurani, Corporate VP, Global Partner Ecosystem & Channels, Google Cloud. “With Quantiphi’s new AI-enabled insurance underwriting platform, carriers can help automate the complex underwriting process in commercial insurance.”
Origins of the Collaboration
Unqork knew Quantiphi as highly respected for its AI-first digital engineering solutions and Google Cloud’s built-in AI capabilities perfectly supplemented the requirements of this project, according to Unqork’s Sheikh. “As organizations that are challenging presumptions and leveraging new technologies to improve products, solutions and capabilities, it was natural to partner together,” he says. “In the context of insurance and legacy IT systems, Unqork provides a platform that doesn’t add additional technical debt, while allowing for the necessary complexity that the insurance space demands.”
Unqork sees offerings like Quantiphi’s AI-led Intelligent Underwriting Platform as showcasing the innovative solutions that can be built with emerging technologies such as artificial intelligence, codeless application design, and serverless architecture, adds Sheikh. “For both existing and new customers, we hope that this platform will inspire new ideas that respond to increasing demands for more dynamic and cost-efficient approaches to enterprise application development,” he says. “This partnership is proof that the insurance industry is more receptive than ever in adopting emerging and innovative technologies, like codeless, AI and serverless architecture, to accelerate digital transformation.”