Insurity, a provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, has announced the launch of Sure Premium Audit Analytics, a new product of its Sure Premium Audit solution that incorporates predictive analytics from Insurity Predict into the auditing processes to optimize premiums and operational efficiency by up to 15 percent, according to a vendor statement.
The Insurity statement notes that, for many property/casualty carriers, detecting exposure risk remains challenging in the premium auditing process. It can be complex, if not rare, for premium audit departments to have the ability to audit their entire book of business, the statement continues, adding that the current premium auditing process for many carriers is highly reactive and based on standard policy features, including location, premium, and industry.
Sure Premium Audit Analytics aims to tackle these challenges head-on with robust predictive models, and machine learning built leveraging Insurity’s 20-plus years of industry experience in the premium audit space, the vendor says. With Sure Premium Audit Analytics, Insurity says carriers can enhance their audit workflows with embedded AI and machine learning to optimize the premium audit process by predicting audit results before the audit is even ordered. Carriers can streamline the auditing process by creating custom predictive models on a low-code, configurable interface.
Fully Integrated into Sure Premium Audit
Insurity says that as the new capability is fully integrated into the Sure Premium Audit platform, P&C carriers and existing Sure Premium Audit customers can get started quickly with Insurity’s turnkey analytics system. “Insurity Predict allows customers to integrate these predictive models into any workflow or in-house tool,” the vendor statement says.
“Premium audits can be a time-consuming process, resulting in carriers leaving hundreds of thousands, if not millions, of dollars of missed premium on the table,” says Sylvester Mathis, Chief Insurance Officer, Insurity. “Sure Premium Audit Analytics takes the guesswork out of identifying premiums to audit by proactively flagging policies possessing the characteristics to generate exposures outside initial estimates. Audit costs are reduced or practically eliminated and time-consuming processes removed by leveraging the most efficient audit methods.”
Source: Insurance Innovation Reporter
