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Element AI brings AI underwriting to GroupAssur

In View Summary

GroupAssur, a Canada-based broker, has partnered with Element AI, which offers AI-based software solutions to optimise its underwriting workflows.

Element AI helped GroupAssur to automate its manual, time-consuming and inefficient underwriting process. The solution enables it to underwrite increased volumes of business and improve underwriting efficiency by automating with Element AI’s OS components, such as document entity extraction, text classification and predictive models.

Element AI’s OS for insurance includes user-AI collaboration, production-ready models, and streamlines data preparation and onboarding

Element AI’s OS components are available for brokers and carriers of all sizes. The solutions aid quick and efficient AI deployment. The components can be assembled to solve end-to-end business problems through the entire insurance value chain.

“With the increasing volume of information and data available, it’s essential that we engage with today’s AI technology to help us continue to deliver exceptional service to our brokers. Element AI offers the technology to not only help us meet customer expectations, but to balance the appropriate amount of automation and human interaction, giving us a technological competitive edge,” said Jean-François Raymond, President of GroupAssur.

The Digital Insurer's View

Brokers are facing increased pressure to automate their workflows, as a result of rising customer expectations, and brokers such as Aon have already deployed AI underwriting tools to improve engagement.

GroupAssur and Element AI’s partnership provides further incentive for carriers and brokers in Canada to explore AI solutions.

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