Atrium starts extended trial of Novee’s Gen AI underwriting tool for PV&T submissions

Atrium Underwriters Limited, the Lloyd’s specialty insurer, is conducting an extended pilot of Novee’s Gen AI underwriting tool, which is built on a promising proof of concept to automate the pre-underwriting of Political Violence & Terrorism (PV&T) submissions.

The initiative aims to underscore Atrium’s commitment to leveraging advanced technologies to enhance underwriting efficiency and decision-making.

The tool enables underwriters to triage and assess submissions more quickly and accurately.

Through the tool, underwriters can define and configure their risk appetite and preferences in natural language, allowing the platform to flag out-of-appetite submissions, highlight decision-critical information, identify good and bad risk indicators, and recommend underwriting actions based on criteria set by the underwriting leader and team.

The extended pilot aims to further test the solution across a broader range of submissions and different classes of business, with the goal of improving submission management and streamlining the underwriting process, explains Atrium.

Stuart Harmer, Head of Political Violence and Terrorism at Atrium, commented, “In PV&T underwriting, large submission volumes and information density demand speed and precision.

“Novee’s triage and pre-assessment platform acts as a second ‘pair of eyes’ for our underwriters and helps us make rapid, informed underwriting decisions, filter material information quickly, and allows us to deliver stronger service levels to our brokers and clients.

“We look forward to further collaboration with Novee and expansion of the platform’s capabilities to drive even greater value to our underwriters.”

Justin Emrich, Chief Information Officer, Atrium Underwriters, added, “Adopting innovative technology is essential for staying ahead in today’s complex risk environment and emerging augmented underwriting models.

“Our trial of Novee’s AI underwriting tool represents a significant step towards enhancing our underwriting processes. By automating the pre-underwriting of Political Violence and Terrorism submissions, we aim to empower our underwriters to make faster, more informed decisions.”

Haris Khan, Chief Executive Officer of Novee, commented, “We are excited to collaborate with Atrium in this extended trial. We have worked closely during the initial proof of concept to demonstrate that our platform can consistently help underwriters triage and assess submissions with high accuracy levels. We look forward to demonstrating how our technology can further deliver value for Atrium.”

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