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Groundspeed
Boosting Insurance Risk Assessment with Consolidated Analytics

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Naim Falandino, Groundspeed | Insurance CIO Outlook | Top Insurtech Startups CompaniesNaim Falandino, CTO and Eric Kobe, CEO
According to Accenture, 80 percent of the data received by insurance underwriters is sent via email with sensitive information like applications, exposure schedules, and loss runs attached within the body. Extracting meaningful information from these unstructured data sources and documents is arduous, typically taking days, if not weeks. This manual approach to consolidating sensitive information often leads to delays that can potentially weaken an insurance policy's risk assessment. This is precisely where Groundspeed comes into the picture.

Groundspeed is an insurtech company that assists commercial insurance carriers in automating the collection of unstructured data across varied sources and formats to unlock actionable insights. Its emphasis on data value helps clients rapidly structure and enrich high-quality data in close to real-time. Groundspeed also provides an AI-driven data pipeline platform backed by human curation, which automatically captures all inbound submission data, extracts insights, and structures the information into a useful format, streamlining the submission, rating, and policy underwriting process. Through these capabilities, Groundspeed optimizes productivity for underwriters and carriers.

"Our unique data extraction approach removes the need for manual data entry, providing underwriters with fast, actionable information that can help enhance carriers' risk selection, underwriting efficiency, and business growth," says Eric Kobe, CEO of Groundspeed.

Groundspeed has developed a step-by-step data extraction process, which begins when their advanced data pipeline connects all inbound documents sent to underwriters via dedicated APIs.Then, automation decodes, cleans, and structures the collected data to provide a reliable and transparent result.

Meanwhile, the platform's ML models enrich the data by adding Groundspeed's own analytics and third-party data sources, providing a detailed and structured dataset. Most importantly, Groundspeed's failsafe quality assurance uses a proprietary, tech-enabled human-in-the-loop process, ensuring no mistakes are made during data annotation. As a result, it returns accurate data to carriers in nearreal-time and helps them glean critical insights to boost strategic decision-making.

Groundspeed's models also help underwriters assess an open claim's loss run and develop a loss run reserve score, which is generated by predicting the expected change in the total incurred value on a 5-point scale.

"Because these datasets are both complete and accurate, they enable underwriters and data science teams to see all the elements of risks, helping carriers find, prioritize and quote the best submissions," says Naim Falandino, CTO at Groundspeed.

  • Our unique data extraction approach removes the need for manual data entry, providing underwriters with actionable information in “near-real-time” that enhances carriers’ risk selection, underwriting efficiency, and profitable business growth


Falandino's statement is reflected in a recent instance where an insurance carrier sought the help of Groundspeed to streamline their unstructured documents and rapidly gain insights. The client was initially outsourcing their inbound document submissions, manually typing and only collecting 10 percent of data fields. This legacy process typically took two to three weeks. However, by leveraging Groundspeed's data pipeline platform that automatically ingests all submissions, delivery time for structured data improved to just an hour on average. But even more importantly, nearly 85 percent of those submissions were returned almost immediately, in "near-real-time." This, in turn, helps carriers improve the time from application submission to quote by an enviable 25 Percent.

At the heart of such successes is Groundspeed's seasoned team of industry experts who understand the most significant pain points for insurance carriers and enable the development of tailored solutions capable of addressing their requirements. Looking ahead, Groundspeed aims to continue enhancing the operational efficiency of its carrier clients by untangling inbound claims processing through robust enrichment analyses and predictive models.
Top 10 Insurtech Startups Companies - 2022

Company
Groundspeed

Management
Naim Falandino, CTO and Eric Kobe, CEO

Description
Groundspeed Analytics is a leading SaaS-delivered submission and placement technology provider to the commercial Property & Casualty industry. Groundspeed automatically extracts data from loss runs, exposure schedules, and other documents and enriches submission data with the industry's largest contributed dataset, giving underwriters additional insight on even the most complex risks in just hours, not days or weeks. Groundspeed is trusted by market-leading insurance carriers and has helped their clients improve quote-to-bind ratios, improve loss ratios, cut operating expenses, and so much more! Unlock the value in your unstructured data by partnering with Groundspeed.

Groundspeed News

Insurance Quantified Acquires Groundspeed Analytics, Creating the Leading Underwriting Technology Provider to the Commercial P&C Industry

NEW YORK - Groundspeed Analytics, the market leader in ingestion and data solutions for the commercial P&C industry. The combination strengthens Insurance Quantified's market leadership in underwriting technology and furthers its mission to maximize the value of data for commercial P&C insurers.
Both companies have made great strides introducing technology that enables faster, more informed underwriting decisions. Together, the united technology capabilities, market success, and committed backing of Two Sigma creates an unparalleled underwriting technology partner for commercial P&C insurers.
"This is a powerful combination," said Brian Modesitt, CEO of Insurance Quantified. "We look forward to leveraging our collective strengths to deliver even greater value to our clients, which together include more than 15 of the most innovative and respected carriers and MGAs in the insurance industry. With the company's size, breadth, and backing from Two Sigma, Insurance Quantified stands alone as a trusted partner that the industry can count on over the long term for underwriting technology."
Insurance Quantified's underwriting workbench, SubmissionIQ, and Groundspeed's data solution for ingestion will continue to be offered as separate entities. The combined company aims to expand its SaaS technology capabilities and data offerings for the commercial P&C industry.
Eric Kobe, CEO of Groundspeed Analytics, expressed enthusiasm about the acquisition, stating that it will accelerate the delivery of their product roadmap and provide enhanced solutions to their valued customers. He also mentioned the strong financial backing that will support the execution of their long-term vision.
As part of the acquisition, Eric Kobe will join the leadership team of Insurance Quantified, and the company plans to open an office in Ann Arbor, Michigan, where Groundspeed was originally founded.
Jeff Mason, founder and Executive Chairperson of Groundspeed Analytics, expressed confidence that the combination will bring significant value to Groundspeed's clients. He commended Insurance Quantified's vision and capabilities, believing that Groundspeed's clients will also appreciate them.
The acquisition was finalized on June 20, 2023. Legal counsel was provided by Sheppard, Mullin, Richter & Hampton LLP, while Alvarez & Marsal served as the financial and tax advisor to Insurance Quantified.