Specialty MGA Ascent Underwriting has integrated Luminance’s machine learning technology in an effort to expose potential risks across its transactional liability portfolio.
Luminance is an artificial intelligence platform leveraging a pattern-detection approach and its proprietary technology LITE, or, Legal Inference Transformation Engine.
This integration is hoped to enhance underwriter decision-making processes and their overall view of risk across individual transactions.
“Delivering a consistently valuable product through effective underwriting is crucial to both our clients and insurance partners,” said Alex Smith, head of Transactional Liability at Ascent said, Alex Smith, head of Transactional Liability at Ascent.
“Luminance optimises underwriting by instantly highlighting all potential risks across a huge volume of documents. This means we can provide accurate feedback to our clients and better understand the risk exposure.”
Emily Foges, Luminance’s Chief Executive Officer, added: “We are very happy to welcome Ascent Underwriting as Luminance’s latest customer.
“By immediately reading and understanding contracts of any volume and in any language, Luminance allows transaction professionals to proactively identify risk and respond to this accordingly.
“I look forward to hearing how Luminance’s technology will accelerate the underwriting process for Ascent.”