Tech firm Expert System says AI allows information to be extracted from 100+ page property surveys in minutes
AXA XL Risk Consulting has partnered with an Italian tech firm Expert System to help speed up the assessment of property risks.
The insurer is using Expert System’s platform Cogito to read site survey reports. The reports are often over 100 pages, but through using AI algorithms, Expert System claims risk consultants could extract all the knowledge and insight in them within minutes.
Using the AI algorithms, the platform can identify the correct meanings of words and expressions in context and understand the relationship between different concepts.
In a statement, Expert System explained that automating the process enabled the AXA XL 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.
Jonathan Salter, head of property risk engineering AXA XL, AXA’s P&C and specialty division, said: “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.”
And Pamela Negosanti, global vice president 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.”
Subscribers read more