As the complexity and breadth of data available to insurers continue to grow, AI will become an increasingly important part of the insurance industry’s processes. AXA XL has a history of experimenting with a wide range of cutting-edge technologies to explore what is possible, having worked with several AI start-ups through its Accelerate and Digital teams.
AXA XL Risk Consulting is now working with Expert System that develops cognitive computing software based on AI algorithms. In order to help with the assessment of property site surveys, the team is using Cogito® – the Expert System platform that uses AI to identify the correct meaning of words and expressions in context, and understands the relationship between different concepts.
Automating the process of reading site survey reports through natural language processing enables the risk consulting team to expand the breadth of documentation and volume of accounts that can be reviewed, focus risk engineering time on high impact areas, increase its ability to mitigate client site risk, and allow underwriters to decrease their speed-to-quote time. As a result, AXA XL’s risk consultants are able to extract the knowledge and insights from 100+ page engineering surveys within minutes.
Jonathan Salter, Head of Property Risk Engineering at XL Catlin, now part of AXA XL, AXA’s P&C and Specialty division*, explained: “When assessing our clients’ risks, our property risk engineers carry out site visits and review internal and third-party risk survey reports. On average, they go through more than 10,000 of these reports every year. By automating parts of that review process, engineers have more time to understand our clients better and advise our underwriters, who can in turn provide better solutions and faster quotes to our brokers and clients.”
Steven Walden, Director of Strategy Operations for Global Property at XL Catlin, now part of AXA XL, a division of AXA, added: “Our risk engineers deal with an increasing amount of data; a trend that keeps accelerating. As a result, the industry is turning to technology to help analyse it. Delivering enhanced data and analytical capabilities, both internally and externally, is an essential element of our journey, and the work completed in partnership with our Risk Consulting team and Expert System adds to the AXA XL tool kit.”
Corinne Vitrac, Chief Executive Officer of AXA Matrix, now part of AXA XL, a division of AXA, commented: “In the future, the value of risk consulting will notably reside in its ability to merge numerous quantitative and qualitative risk information from various internal and external sources. That will help us to better assess the risks of our clients and provide even better prevention recommendations. By adopting AI based capabilities, AXA XL Risk Consulting can enhance its risk modelling capabilities, be more efficient in the management of low value tasks, and ultimately better serve clients.”
Regarding the AI project Expert System is working on with AXA XL Risk Consulting, Nicky Singh, Vice President of Sales, UK & Ireland at Expert System, commented: “Artificial Intelligence is helping insurers dramatically reduce expense and enhance their business. We are delighted to be working with AXA XL to become the next generation insurer.”
Pamela Negosanti, Global VP of Insurance at Expert System, added: “This is another success which demystifies the concept knowledge processes cannot be optimised, with AXA XL our approach is adoption-oriented. Artificial Intelligence is now reality.”
About AXA XL
AXA XL provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com
About AXA XL RISK CONSULTING
AXA XL Risk Consulting delivers a comprehensive range of risk management solutions and consulting services. Our global network of professionals helps identify current and future risks, while providing practical and realistic solutions to optimize and mitigate them. We empower our clients to improve business results and protect brand value. We partner with those who move the world forward. To learn more, www.axaxl.com
AXA XL is a division of AXA Group providing products and services through four business groups: AXA XL Insurance, AXA XL Reinsurance, AXA XL Art & Lifestyle and AXA XL Risk Consulting.