AdvantageGo, a commercial re/insurance software provider and part of Coforge, has announced a strategic alliance with Relativity6, an artificial intelligence (AI) powered industry classification provider.
For those who are not aware, Relativity6 addresses incorrect or out-of-date industry classification rating data and flagging of hazardous industries which allows underwriters to make critical rating decisions on up-to-date classifications, using 6-digit NAICS, as well as other widely utilised class codes.
It is understood, that genuinely, data providers reference federal or state filing information, which can be unreliable and possibly present an incorrect basis for rating.
It is important to note, that identification of precise classification and flagging of hazards enables a far more accurate rating assessment, across multiple lines of property and casualty (P&C) business.
From what Reinsurance News understands, the cyber line-of-business will present scoring of business classification through AdvantageGo’s Underwriting Workbench. Underwriters will be able to use Relativity6 to determine if a submission is within risk appetite, as well as triage risks effectively, and price policies in a more accurate manner.
Alan Ringvald, CEO of Relativity6, commented: “We are delighted to join in partnership with AdvantageGo and its industry-leading ecosystem. In a world of rapidly changing and continuously emerging risks, it is imperative to have best-in-class industry classification data, with confidence scores for informed decision making.”
Ian Summers, Global Business Leader, AdvantageGo, said: “I’m excited to announce this latest AdvantageGo Ecosystem partnership with Relativity6, an innovative, AI-driven, leading data classification provider.
He continued: “A valuable addition to the Underwriting Workbench, Relativity6 will provide a valuable feed, integrating with other data sources to quickly classify risk data, enabling Underwriters to take better informed decisions.”
Adding: “We’re committed to providing clients with an increasing array of data-driven solutions, accessible via the AdvantageGo Ecosystem. The goal is to deliver market-leading capabilities to underwriting teams, while streamlining service provider relationships for insurance companies to manage, as they navigate a fragmented insurtech landscape.”
