AMWINS
AMWINS INITIATIVES FOR FUTUREPROOFING INSURANCE
Data Science Claims Insights : Amwins has been collecting rich claims data for many years and is starting to better unlock the rich information contained within this data through evolutionary algorithmic techniques to discover the best model performance for a given combination of predictive rating variables .
DID YOU KNOW ...
There are a number of exciting initiatives Amwins is working on which to materially improve the experience of our retail agents .
Personal Lines : Amwins is creating a seamless experience between the digital ( straight through processed ) and human ( manually underwritten ) solutions currently offered . The company is focused on creating a seamless hybrid experience for the agent that perfectly balances digital and human interaction . The solution will be able to offer instant rate , quote and issue , and where the risk needs specialist underwriting or brokerage services , via a specialist team of underwriters and brokers .
Professional Lines : Building deep integrations with its carrier partners enables Amwins ’ retail agents to price and coverage discover instantly on their desktop . This is particularly valuable with cyber liability where carrier appetite rapidly changes .
Data Extraction : An understandable frustration for many retail agents is the unnecessary keystrokes required for a submission . Amwins is working on a number of workflow agnostic solutions which will minimise keystrokes by allowing agents to upload documentation as part of the submission process .
Natural Language Processing ( NLP ): Amwins has recently partnered with a company that scrapes publicly available information and uses NLP to predict company industry classifications , all within a sub-second data call . Not only can classifying a business into an industry be painful for retail agents , it can also lead to misclassification impacting both rate and available coverage .
Third-Party Data : Amwins has consumed third-party data for many years across its commercial and personal lines portfolios . This includes both property characteristics and hazard information . The company is constantly evaluating new data providers as they look to add convenience to their retail agents and value to their underwriting .
182 November 2021