Artificial Intelligence
for insurance companies

Product managers and underwriters in insurance companies have to regularly check large amounts of text with a high manual effort. A conventional search can only provide limited support here, as each person describes a subject matter in different words. This is especially true for coverage of major risks, invitations to tender and special agreements, wordings or master agreements individually requested by brokers. These must then be compared with internally defined underwriting guidelines and clauses that have already been accepted or rejected.

And this is exactly what we have developed our AI semantha® for: It understands text by its meaning, regardless of the choice of words – this is how you find the content you are looking for, no matter how it is formulated.

With semantha®, you save 45% of the time needed to check risks according to our experience to date. Interested parties receive their offers very quickly and your experts can concentrate on value-adding activities such as the acquisition of new customers and new concepts.

  • Minimize risk
    The high time pressure in manual processing increases the susceptibility to errors. If a risk is overlooked, this can lead to considerable damage costs.
  • Increase efficiency
    Conditions no longer have to be checked or compared individually and manually – this saves time. This way, major customers and brokers are quickly presented with a suitable solution and you remain competitive.
  • Setting quality standards
    A common, uniform knowledge base ensures equal treatment of inquiries in the long term. Thus, the high requirements of authorities such as the BaFin can be fulfilled.

SPEED UP
YOUR DOCUMENT
PROCESSES.

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  • Risk assessment/Underwriting (HotSpots)

    With semantha®, incoming documents can be automatically checked for relevant content. These are displayed to the processor regardless of the wording, completely without time-consuming and recurring searches. The comparison with guidelines, exclusions of the reinsurer and already accepted/rejected risks becomes clear and efficient.

    Possible applications:
    –     Broker-Wordings
    – Side Letters
    – Special risks
    – Industry framework agreements

  • Risk assessment/Underwriting (Compare)

    The Compare function of semantha® can compare the contents of documents with each other, regardless of the wording. Similar passages are compared and marked in color. Areas that were not found in the reference document are also displayed.

    For example, a wording to be checked can be compared with the own standard conditions and essential differences can be identified quickly.

  • Framework agreements in broker sales

    A framework agreement proposed by you with the broker can be compared with existing conditions of the competitor.
    – Broker wordings
    – Framework agreements
    – Special risks
    – Competitor monitoring/market comparison

    More Use Cases:
    – Analysis of major risks by extracting decisive values from survey reports
    – Examination of certain contents of existing contracts and agreements in the portfolio (changes by reinsurers, etc.)

You save on average 45% time.

Du sparst im
Schnitt 40% Zeit.

Check now and see if semantha®
is suitable for you.

Risk Assessment
With semantha®, incoming risks can be automatically checked for defined exclusion criteria and content relevant to the insurer. The relevant points are displayed to the processor (underwriter) regardless of the wording. No more time-consuming and repetitive searches. As an additional tool, semantha can compare documents with each other to identify differences in documents and thus define additional risk criteria if necessary.
Underwriting
Special or large risks must be evaluated individually – underwriters check the risk against already insured risks, internal guidelines and (if insurable) prepare an offer. Often, special appraisals must also be checked for risk calculation factors.
Competition monitoring
For the purpose of competitive observation, semantha® regularly compares the conditions on the market (and of the GDV) with its own orientation and product development. Differences are quickly found and allow conclusions to be drawn about the necessity of market adjustments.
Broker advertisements
Tenders for individual risks for special customers must be checked by the insurer. Compared to manual processing, this is possible in a fraction of the time with semantha®.
Framework agreements
Brokers write their own terms and conditions and side letters for special products and have them covered by insurers. semantha® indicates which points are already included in their own terms and conditions and which risks would be added. In addition, these can then be compared with internal guidelines.
Special agreements
Special agreements are negotiated not only with brokers but also with parent agencies, which must be checked against internal underwriting guidelines and clauses accepted/rejected in the past.
Versicherungsrechner EN

35%
20%75%
30Employees
10Employees300Employees

Working days

€

Bei folgenden Themen kann Dich semantha® unterstützen…

Risikoprüfung
Mit semantha® können eingehende Risiken automatisch auf definierte Ausschlusskriterien und für den Versicherer relevante Inhalte geprüft werden. Die relevanten Punkte werden dem Bearbeiter (Underwriter) unabhängig von der Formulierung angezeigt. Ganz ohne aufwendige und immer wiederkehrende Suche. Als zusätzliches Werkzeug kann semantha Dokumente miteinander vergleichen, um Unterschiede in Dokumenten zu erkennen und so gegebenenfalls weitere Risikokriterien zu definieren.
Underwriting
Spezielle Großrisiken müssen einzeln bewertet werden – Underwriter prüfen das Risiko gegen bereits versicherte Risiken, interne Richtlinien und erstellen (falls versicherbar) ein Angebot. Oftmals müssen auch spezielle Gutachten auf Faktoren zur Risikokalkulation geprüft werden.
Wettbewerbsbeobachtung
Zur Wettbewerbsbeobachtung werden mit semantha® regelmäßig Bedingungswerke am Markt (und des GDV) mit der eigenen Ausrichtung und zur Produktentwicklung abgeglichen. Unterschiede sind schnell gefunden und lassen ggf. Rückschlüsse auf die Notwendigkeit von Marktanpassungen zu.
Maklerausschreibungen
Ausschreibungen einzelner Risiken für spezielle Kunden müssen vom Versicherer geprüft werden. Im Vergleich zur manuellen Bearbeitung ist das mit semantha® in einem Bruchteil der Zeit möglich.
Rahmenverträge
Makler schreiben eigene Bedingungswerke und Side Letters für spezielle Produkte und lassen diese von Versicherern abdecken. semantha® zeigt an, welche Punkte in den eigenen Bedingungswerken bereits vorhanden sind und welche Risiken hinzukämen. Zusätzlich können diese dann mit internen Richtlinien abgeglichen werden.
Sondervereinbarungen
Nicht nur mit Maklern, sondern auch mit Stammagenturen werden Sondervereinbarungen verhandelt, die mit internen Zeichnungsrichtlinien und in der Vergangenheit angenommenen/abgelehnten Klauseln abgeglichen werden müssen.

Customers

Compared to other AIs, the carbon footprint of semantha® is much better.

A success story
with Gothaer.