HX, the data and analytics division of Howden Group, has announced a partnership with expert.ai to augment its data analytics services.
Expert.ai’s underwriting is aligned with HX’s aim to help insurers, re-insurers, corporates and brokers maximise their resources through its data insights.
The platform works by automating the reading and analysis of contracts by leveraging natural language understanding (NLU) to comprehend the meaning of words in context, as a senior underwriter would do, but at scale.
In doing so, it streamlines the extraction of key policy parameters from historical submissions available on Lloyd’s marketplace.
By leveraging expert.ai for Insurance, HX is streamlining data extraction from historic and ongoing submissions to enhance policy analysis, as well as identify emerging risks, trends and signals to improve service and product innovation.
David Crompton, head of data assurance at HX said: “We registered record demand across our services as the insurance market reacted to the pandemic, and we were already solidly positioned to advance digitalisation.
“Our offering distinguishes as it includes the most innovative, results-oriented solutions as those provided by expert.ai, which gave us an immediate competitive advantage over other less developed solutions in the market.
“Thanks to their unique NLU/NLP capabilities, we are able to augment data services for our clients whilst ensuring tangible ROI and business outcomes.”
Ian McLoughlin, expert business development executive added: “In the insurance industry, the COVID-19 pandemic has accelerated the need to develop a more sustainable, customer-centric approach.
“Artificial intelligence is proving to be a key enabler in the evolution from ‘detect and repair’ to ‘predict and prevent. We are honoured that HX has selected expert.ai to optimise its data analytics and delivery costs optimisation for underwriting.”