Element AI & Gore Mutual collaborate on AI-powered underwriting
AI products and software company Element AI and Canada’s oldest property and casualty (P&C) insurer Gore Mutual are working together to integrate the Element AI Underwriting Partner software product with Gore Mutual’s underwriting practice.
Gore Mutual began working with Element AI to install and leverage artificial intelligence (AI) as part of its underwriting technology process to augment risk assessments and reduce data entry time for its underwriters. Adding the Element AI Underwriting Partner software into its technology mix will enable Gore Mutual’s underwriters to make better decisions faster and spend more time nurturing relationships with insurance brokers and customers.
“As a 180-year old insurance company, we have a massive inventory of unstructured data, but we estimate that about only 20% of it is being used. 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. We can leverage it across our business to strengthen products, policies, claims, billing systems, and more.” – Sean Christie, CIO and VP of Information Services at Gore Mutual.
Built on a perpetual ‘learning’, modular approach, the Element AI Underwriting Partner software was engineered to integrate with the Gore Mutual underwriting system to quickly optimize and facilitate the many tasks involved in underwriting. Both companies worked together to build the necessary data sets and learning models needed to quickly begin augmenting underwriting decisions. This process provides underwriters with more informed insights into risk assessments that facilitate processing for accelerated underwriting efficiencies.