The Allianz corporate insurance carrier, Allianz Global Corporate & Specialty (AGCS), is partnering with insurtech analytics firm Praedicat to give policyholders access to ChemMeta, a software solution delivering science and regulatory risk analytics for industrial companies.
ChemMeta leverages natural language processing and machine learning to “read” and convert high volumes of toxicology and environmental health literature into actionable information for clients.
The software is designed to facilitate science-based decision making for several critical chemical business functions including horizon scanning, research and development, product formulation and substitution, and regulatory affairs.
“By offering access to ChemMeta in combination with our product liability policies, we help clients maximize the overall safety of their products and production processes, striking the right balance between innovation and risk,” explained Hartmut Mai, Chief Underwriting Officer, AGCS.
“Those opting to use ChemMeta will better understand which substances are more likely to cause negative impact on human health and wellbeing or trigger regulatory action in the future, helping them to look around the corner.”
“This is another example of enriching our product offering with strategic risk management services that can prevent or mitigate potential losses.”
Robert Reville, Chief Executive Officer of Praedicat, added, “Today’s science is tomorrow’s regulatory action and ChemMeta uses both AI and machine learning to scan, analyze and synthesize data from millions of peer-reviewed scientific journals to identify product risk.”
“The early warning provided by mining technical literature at scale allows companies to make proactive product decisions.”