The news follows on from the launch of the insurtech’s burst capacity catastrophe modeling resources, designed to provide crucial support to reinsurers during peak renewal times.
According to reports, the new generative AI initiative highlights Xceedance’s commitment to driving high-return-on-investment generative AI applications across the insurance value chain.
Moreover, in a recent demonstration, Xceedance highlighted the groundbreaking capabilities of Generative AI. They uploaded and analyzed a comprehensive property survey report using the ChatGPT platform integrated into the secure Azure OpenAI Service.
Traditionally, underwriters invest hours in meticulously reviewing such reports. Nevertheless, with the aid of AI, the underwriter could promptly extract key highlights, ensuring no critical information was missed, and comprehended the report with unparalleled speed.
Generative AI will transform insurance processes, says Xceedance
Generative AI is seen as a transformative force for the insurance sector., and it is hoped the move will meet the demand to synthesize data from diverse sources and extract insights into dynamic risks.
Executives say the technology equips insurers with deep insights into underlying risks, enabling them to seamlessly adapt to technological advancements in various industries. It strategically harnesses data resources and embraces intelligent technologies, elevating operational efficiency.
Addressing the challenges posed by cyber threats and climate change, Generative AI also simplifies the intricate task of identifying patterns and correlations within extensive datasets. This swift and insightful analysis enables insurers to refine risk assessment models promptly, ensuring a proactive response to emerging risks.
Xceedance recently underscored the transformative potential of Generative AI through a compelling demonstration. Using the ChatGPT platform integrated into the secure Azure OpenAI Service, Xceedance showed how Generative AI can reshape the underwriting process. In a scenario where traditional underwriters spend hours reviewing extensive property survey reports, AI assistance facilitated the instant extraction of key highlights. This not only ensured meticulous information scrutiny but also demonstrated unprecedented speed in comprehending the report.
Speaking about the launch, Arun Balakrishnan, CEO of Xceedance, noted the significance of this development, highlighting the potential of Generative AI to accelerate data processing and free insurance professionals from repetitive tasks.
He said, “Xceedance is at the forefront of innovation, collaborating with several insurers and brokers worldwide to establish a sandbox environment for experimenting with Generative AI. “
Balakrishnan added: “This approach ensures motivated users gain exposure to Generative AI, enabling them to identify high-return use cases and fail fast, fostering technological exploration.”
Author: Joanna England
