(Image credit: matreena.)
The Texas Department of Insurance (TDI, Austin) will use the machine learning and natural language processing in Verisk’s (Jersey City, N.J.) Mozart Form Composer to accelerate the regulatory review of thousands of property/casualty forms filed by insurers each year, according to a vendor statement.
TDI’s use of Mozart, Verisk’s platform for forms management and product development, is being coordinated with the National Association of Insurance Commissioners (NAIC) and marks an expansion of the market for Mozart, from insurers, brokers, and managing general agents (MGAs), to insurance regulators, the vendor says.
Verisk reports that, with Mozart, Texas insurance regulators will be able to streamline the filing intake process and accelerate review of new form filings by analyzing how newly filed wording compares to previously approved wording. They’ll also be able to quickly identify and evaluate emerging insurance concepts, such as ridesharing, in newly filed forms, the vendor adds. Last year, insurers filed more than 26,000 property/casualty forms with the Texas Department of Insurance.
Expansion of Mozart into the Regulatory Space
“Many insurers are appreciating the efficiencies Mozart brings to their operations, and we’re excited that the regulatory community will now be able to enjoy many of those same benefits,” comments Deborah Morris, SVP, commercial lines, Verisk. “Mozart enables regulators to boost the speed and efficiency of the filing review process and can help accelerate the approvals that insurers require to meet the needs of the market. This expansion of Mozart into the regulatory space marks a significant development in the platform’s evolution and continued growth and could enhance the forms development and approval process for years to come.”