(Image credit: Nevit Dilmen.)
DataCubes, a Schaumburg, Ill.-based provider of a data science platform for commercial underwriting, announced that it has partnered with RLI (Peoria, Ill.) to optimize certain aspects of the specialty insurer’s underwriting processes. Using DataCubes’ AI-powered intake, risk analysis and scoring tools, RLI is exploring ways it can automate intake forms and intelligence gathering in order to replace certain manual processes and to provide agents with faster, more efficient quotes, according to the vendor.
DataCubes’ platform is designed to let property/casualty insurers provide improved customer experiences while increasing underwriting productivity. The company reports that its computer vision and machine learning platform aims to automatically digitize insurance submission documents (including ACORD forms and loss runs) which can be hundreds of pages of structured and unstructured data that previously took days or weeks to process. The platform answers complex underwriting questions and uses thousands of data sources and machine learning models to generate deep underwriting insights in a matter of minutes, the vendor says.
Enhancing Delivery of Products and Services
“We aim to deliver the best products, service and experience possible to our customers,” comments Carol Denzer, VP, Small Commercial Lines, RLI. “We’ve partnered with DataCubes to explore how we might better leverage technology to enhance our delivery of products and services to our small producers and policyholders.”
“We are proud to be partnering with RLI, such a well-respected carrier that is working to make technical advances in the underwriting experience,” comments Kuldeep Malik, DataCubes co-founder and CEO. “Data science has great potential to improve commercial underwriting and it is our pleasure to provide the technology required to help RLI successfully explore new approaches.”