AXA XL’s risk management solutions business is attempting to utilise the benefits of Artificial Intelligence (AI) for the assessment of property site surveys.
By partnering with Expert System, an Italian software company, AXA XL Risk Consulting is hoping to exploit cognitive computing to drastically improve the rate at which its team can process lengthy documentation.
Cognitive computing uses self-learning algorithms and leverages data mining, pattern recognition and natural language processing to more closely mimic how the human brain works .
In this instance, AXA XL will use Expert System’s Cogito platform to identify the correct meaning of words and expressions in context, and understand the relationship between different concepts.
This, in theory, enables the processing of site survey reports to be automated, allowing AXA XL’s team to focus risk engineering time on high impact areas, increase its ability to mitigate client site risk, and allow underwriters to decrease their speed-to-quote time.
“When assessing our clients’ risks, our property risk engineers carry out site visits and review internal and third-party risk survey reports,” explained Jonathan Salter, Head of Property Risk Engineering at XL Catlin, now part of AXA XL, AXA’s P&C and Specialty division.
“On average, they go through more than 10,000 of these reports every year. By automating parts of that review process, engineers have more time to understand our clients better and advise our underwriters, who can in turn provide better solutions and faster quotes to our brokers and clients.”
Steven Walden, Director of Strategy Operations for Global Property at XL Catlin added, “Our risk engineers deal with an increasing amount of data; a trend that keeps accelerating. As a result, the industry is turning to technology to help analyse it.
“Delivering enhanced data and analytical capabilities, both internally and externally, is an essential element of our journey, and the work completed in partnership with our Risk Consulting team and Expert System adds to the AXA XL tool kit.”
Corinne Vitrac, Chief Executive Officer of AXA Matrix, now part of AXA XL, commented, “In the future, the value of risk consulting will notably reside in its ability to collect and model numerous quantitative and qualitative risk data from various internal and external sources.
“That will help us to better assess the risks our clients face and provide even better prevention recommendations. By adopting AI-based capabilities, AXA XL Risk Consulting can enhance its risk modelling capabilities, be more efficient in the management of low value tasks, and ultimately better serve clients.”