Risk Analysis Underwriting

Product managers and underwriters have to check large amounts of text on a regular basis with a high manual effort. Special broker wordings in particular contain many special agreements and are usually formulated individually. New incoming documents have to be checked in detail for undesirable risks under high time pressure, and in the case of new specifications by reinsurers, entire portfolios are analysed for certain contents and exclusions in order to avoid undesirable major claims.

And this is exactly where our AI semantha® can help: It understands text based on meaning, regardless of word choice – so you find content you’re looking for, no matter how it’s worded – out of the box and without extensive training with your data.

According to our experience so far, semantha® saves you 45% of the time when checking risks. Prospective customers thus receive their offers very quickly and your experts can concentrate on value-adding activities such as the acquisition of new customers through individual concepts.

  • 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

  • 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, wordings to be checked can be compared with your own standard conditions and significant deviations can be detected quickly and easily.

    Possible areas of application:

    Broker wordings, Framework agreements, Special risks, Competitor monitoring/market comparison

  • Framework agreements in broker sales
    A framework agreement proposed by you with the broker can be compared with existing conditions of the competitor.

    Additional 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.)

  • With our data extraction, you can easily extract relevant data points from documents and process them further. The combination with semantha’s® natural language understanding is particularly helpful, as it allows you to find and extract data points in specific contexts.

    Customers

    We have written extraordinary success stories with some of our clients. You can read them here: Success stories.

         

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

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