Specialty re/insurer RLI Corporation is partnering with InsurTech startup DataCubes as it explores ways to automate intake forms and intelligence gathering and move beyond the manual, time-consuming processes currently in place.
DataCubes’ computer vision and machine learning platform is able to automatically digitise lengthy and complex insurance submission documents – including ACORD forms and loss runs – which can take days or weeks to process manually.
“We aim to deliver the best products, service and experience possible to our customers,” said Carol Denzer, Vice President, RLI Small Commercial Lines.
“We’ve partnered with DataCubes to explore how we might better leverage technology to enhance our delivery of products and services to our small producers and policyholders.”
The platform can reportedly answer complex underwriting questions, using thousands of data sources and machine learning models to generate underwriting insights in a matter of minutes.
“We are proud to be partnering with RLI, such a well-respected carrier that is working to make technical advances in the underwriting experience,” said Kuldeep Malik, DataCubes co-founder and Chief Executive Officer.
“Data science has great potential to improve commercial underwriting and it is our pleasure to provide the technology required to help RLI successfully explore new approaches.”
