Insurance startup Mulberri, has launched its new AI-powered Risk Assistant and rolled out its embedded property and casualty platform to make insurance innovation accessible to a broad range of industries outside payroll and Human Resources (HR) providers.
Now industries including associations, brokers, insurtechs, carriers, MGAs, financial institutions, cyber technology providers, ISPs and more, will have access to Mulberri’s embedded solutions.
The Risk Assistant tool, powered by artificial intelligence, is predictive; it ises AI algorithms to analyse extensive data points, enabling a profound understanding of each unique risk profile.
As a result, it is able to provide insured and portfolio-level insights into loss ratios, claim probability, and suggested premiums. With Mulberri, insurance professionals can continuously monitor the moving insured and portfolio risks and take action as necessary.
“This rollout is transformative because traditionally insurance innovation – and improvement – has been locked into the industries closest to it. We believe that making embedded insurance solutions hold the potential to bring step change improvement to the way insurance operates, enabling creative solutions that we can only imagine today,” said Hamesh Chawla, CEO and co-founder of Mulberri.
Mulberri’s Insurance Marketplace has also been designed for simplified insurance procurement, in addition to its risk assessment capabilities.
“[The Marketplace] is crafted for insurance brokers looking for a fast quote and bind turnaround. Our marketplace simplifies the insurance procurement process and ACORD generation in an industry where complexity can hinder speed,” a Mulberri spokesperson explains.
Adding: “The insurance marketplace also supports a Cyber Liability Insurance Mulberri MGA which is specifically designed to be easily embedded in the sales process as a starter cyber insurance policy. It offers tailor-made fixed coverage and price policy for the micro, small or medium sized business segment, reducing the complexity of selecting coverages.”
Moreover, Mulberri’s intelligent automation streamlines and automates a traditionally cumbersome certificate of insurance issuance and renewal process, the firm highlights. This automation results in fewer administrative burdens, which ensures compliance, and saves time and resources.