Leading Players' Collaborative Effort Unveils AI Powered Commercial Underwriting Solution

By Insurance CIO Outlook | Friday, July 19, 2019

AI applications are all likely to improve an insurer’s underwriting capability, and their contribution will increase substantially in the coming years.

FREMONT, CA: Insurer and reinsurer, Convex Group Limited join forces with Cytora to develop Artificial Intelligence(AI) powered solution for commercial insurers. The former building an efficient and data-driven underwriting process will be enabled to deliver its key strategic goals by harnessing the latter’s cutting edge infrastructure. Cytora’s AI platform will improve Convex’s underwriting process. Convex will also use data for a complete and accurate view of risk while helping underwriters improve risk selection.

AI is taking the actionability of data and the accuracy of insurance underwriting to the next level. It helps underwriters work smarter and frees them to focus on high-value activities. Majority of insurers are starting to harness the data they receive from multiple sources. By using AI applications, these organizations could gather and organize structured and unstructured data from a wide range of internal and external sources. The commercial insurance industry is also facing this fundamental shift that puts customers and data at the forefront. Convex, with its partnership, is accelerating this transformation and providing tools for its clients to serve their customers better. 

Convex aims to cater to the needs of building blocks insurers and provide them with efficient, and accurate underwriting, and seamless customer experience. The company has the vision of making the next generation of insurance simple, frictionless and transparent, driven by the exponential growth in AI and data liquidity.

Convex Group bags a unique position in the insurance industry and combines unrivaled experience, reputation and lessons learnt with the freedom of a new balance sheet. 

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