(Image source: Tensorflight homepage.)
Tensorflight (New York/Warsaw), a global artificial intelligence and imaging-based InsurTech providing automated property inspection, announced the launch of TensorAssist, a chatbot assistant powered by OpenAI’s ChatGPT-4 technology. TensorAssist is currently available to all existing Tensorflight commercial property insurance customers, allowing them to rapidly understand the vast array of data points in its property intelligence platform, according to a statement from the vendor.
Sample exchange on TensorAssist. (Click to enlarge.)
“With TensorAssist, customers can achieve a much deeper understanding of how Tensorflight evaluates risk in a fraction of the time, and as a result will be able to perform more accurate and efficient analyses on properties on a much larger scale than ever before,” the vendor statement says.
The Tensorflight platform includes property data garnered from three sources of imagery—ground level, aerial, and state-of-the-art satellite images—as well as data from public, contributory, and proprietary sources, which TensorFlight says provide comprehensive coverage of 99 percent of properties in developed countries.
Tensorflight’s property data platform includes information on building attributes such as construction type, roof pitch/geometry, number of stories as well as more detailed features, such as wall composition and condition, facade condition and even the presence of highly-combustible aluminium composite panels (ACP).
Property Analysis Expert
Designed specifically for the property insurance sector, Tensorflight’s virtual AI assistant will serve as a property analysis expert and will eventually be able to provide detailed information and insights on any property requested by the user, as well as offering guidance on associated risks, according to the vendor.
Jakub Dryjas, acting CEO, Tensorflight.
“With TensorAssist, our goal is to set a new benchmark for speed and accuracy in risk assessment in the commercial property insurance sector,” comments Jakub Dryjas, CEO, Tensorflight. “Our AI assistant enables insurance underwriters to receive detailed information that previously relied upon the support of our team, transforming the entire process. The technology not only increases efficiencies but also allows us to streamline operations, reduce costs, and ultimately offer even greater value to our customers.”
Tensorflight says it is also harnessing advanced GPT text processing capabilities to address the challenge of standardizing unstructured text documents, such as Statements of Values (SoVs) and building permits, which typically arrive in a wide variety of formats.
By leveraging this technology, Tensorflight says it will ensure the consistency and coherence of these documents, further streamlining the underwriting process. Additionally, Tensorflight says it is enhancing its property data underwriting initiatives by offering concise textual summaries of properties and building portfolios to provide further critical insights for insurers.
The vendor says its longer term ambition is to use customer feedback from TensorAssist to build a fully-fledged AI underwriter that can operate with full autonomy and superior accuracy. This advanced system will be capable of receiving instructions and guidance from a senior (human) underwriter within an insurance company, Tensorflight says.
By combining the expertise of a senior underwriter with the capabilities of an AI underwriter, Tensorflight aims to empower a single individual to efficiently oversee the workload of an entire autonomous underwriting team, which the vendor says will revolutionize the entire underwriting process while streamlining operations and maximizing efficiencies.