Mark Kollar Consulting Group and Understudy Insurance Services have launched a joint venture in Renewal Book Solutions, LLC, an artificial intelligence-backed renewal book marketplace.
With the technology offered through Renewal Book Solutions, teams can utilize the power of AI to manage business more effectively and scale for future growth, say the pair.
The company will provide technology to manage books of business more effectively.
Tarek Timol, President and Chief Executive Officer, Understudy Insurance Services, commented, “We are extremely excited to partner with Renewal Book Solutions, LLC to support the growing needs of the renewal underwriting market. The Understudy AI platform is specifically designed to support all aspects of underwriting, providing robust insight into exposures.
“Specific to a renewal book of business, Understudy is perfectly positioned to provide unique and advanced insights into exposures that may have changed from the initial policy term. This insight will provide Renewal Book Solutions underwriters with an advantage as they ensure risks are appropriately priced, endorsed, etc. and will reduce the amount of time underwriters will spend processing renewals. Using our AI technology will not only best position the existing renewal book but will provide significant value to future policy periods.”
In the course of the venture, the company plans to sell a more complete Understudy platform.
The platform can be calibrated to document current compliance with underwriting guidelines. This reviews classifications, credit and debts applied, rate integrity, policy language compliance with filed coverage parts and endorsements, explains the firms.
Additionally, it can verify exposure information, along with generating a risk score based on criteria established with the underwriting managers.
Mark Kollar, Founder of Mark Kollar Consulting Group, added, “There is one thing that AI can’t do – take that long walk down the hall to explain to your CUO why you wrote that account that just spectacularly blew up. Systems can’t take responsibility for decisions, people do. AI enhances the ability of an underwriter and that’s why you should deploy our underwriters for a well-defined portfolio – your renewal book. Kick the tires on AI by working with our underwriters who will use the Understudy platform.”
