Element AI has announced the Submissions capability for its Underwriting Partner product, less than two weeks after announcing its $200 million CAD Series B.
The announcement marks the “deployment and commercialization” of the insurance product that was first integrated by Gore Mutual, which collaborated with Element AI earlier this year, marking one of the first times the Montreal-based AI and software company brought a product to market.
“Our broad industry approach and strategy to commercialize AI products led to today’s … announcement.”
“Our broad industry approach and strategy to commercialize AI products led to today’s Underwriting Partner Submissions capability announcement,” said Carlos Benfeito, the head of insurance products at Element AI. “As our first software product for the insurance market, Underwriting Partner Submissions capability will help insurance specialists process submissions for insurance faster, with greater accuracy and consistency, and improve workflows for a healthier underwriting expense ratio.”
Unveiled at InsureTech Connect 2019 in Las Vegas, Element AI Underwriting Partner Submissions product processes forms and documents to extract information and upload the correct data directly into an insurers’ system of records, while flagging missing information and items for review. By keeping a human in the loop when required, underwriters are freed up to perform other high-value tasks.
“Collaborating with Element AI to integrate the latest AI technology is a bold, disruptive move that we believe will benefit our insurance broker partners and customers by working alongside our underwriters to create a competitive edge from all that unused data,” said Sean Christie, the CIO and VP of information services at Gore Mutual. “We can leverage this across our business to strengthen products, policies, claims, billing systems, and more.”
The product unveiling comes on the heels of Element AI announcing the closure of a much-anticipated venture round, raising a $200 million CAD ($151.4 million USD) Series B that was among the largest venture capital rounds in Canadian history. As part of Element AI’s busy year, in June it also announced its third partnership in four months.
With Advisory services already offered, Element AI’s Underwriting Partner Submissions capability is expected to be available in early 2020.