“As a 180-year old insurance company…collaborating with Element AI to integrate the latest AI technology is a bold, disruptive move.”
Gore Mutual adding Element AI’s latest machine learning insights and algorithms, marks one of the first times the Montreal-based AI and software firm is bringing an AI-powered product to market. Gore chose to work with the firm to use the algorithms to help support its customers, insurance brokers, and employees. Created using Gore Mutual proprietary data, the Element AI Underwriting Partner software product hopes to accelerate and ease the underwriting process for fair and informed decisions.
“As a 180-year old insurance company, we have a massive inventory of unstructured data, but we estimate that about only 20 percent of it is being used,” said Sean Christie, CIO and VP of information services at Gore Mutual. “Collaborating with Element AI to integrate the latest AI technology is a bold, disruptive move that we believe will benefit our insurance broker partners and customers by working alongside our underwriters to create a competitive edge from all that unused data. We can leverage it across our business to strengthen products, policies, claims, billing systems, and more.”
Built on a perpetual ‘learning’, modular approach, the Element AI underwriting software was engineered to integrate with the Gore Mutual underwriting system to quickly optimize and facilitate the many tasks involved in underwriting. Both companies worked together to build the necessary data sets and learning models needed to quickly begin augmenting underwriting decisions. This process is meant to provide underwriters with more informed insights into risk assessments that facilitate processing for accelerated underwriting efficiencies.
“Element AI is excited to collaborate with Gore Mutual to bring one of its first AI-powered products to market, demonstrating the evolution beyond rules-based automation (RBA) in underwriting, while maintaining transparency and explainability,” said JF Gagné, co-founder and CEO at Element AI. “This is a great validation of our AI technology in a highly competitive industry that is racing to integrate and adopt the benefits of AI.”
“Beginning as a generic product that rapidly learns and improves over time as it is used, Element AI Underwriting Partner software helps accelerate cycle times to process a higher volume of applications. Delivering faster, more accurate quotes will result in a win-win for Gore Mutual and its customers,” Gagné added.
This new collaboration comes on the heels of another Element AI FinTech partnership, this one with the National Bank of Canada to see its AI-powered software help improve cybersecurity for the bank. These partnerships mark Element AI coming out of “stealth phase”, bringing its first products to market since it was founded in 2016.
This article originally appeared in Betakit