AdvantageGo partners with Insurants to improve data transformation capabilities

AdvantageGo, a global commercial re/insurance software provider, has created an Ecosystem Alliance with Insurants, a document processing solution for global insurance companies.

Leveraging the capabilities of artificial intelligence (AI), this partnership empowers AdvantageGo’s Underwriting Workbench with advanced data transformation capabilities.

Insurants, powered by AntWorks, tackles the growing volume and complexity of data in commercial insurance, including the challenge of unstructured documents.

It delivers a high standard of document processing, handling various formats for faster, more efficient data ingestion.

The AdvantageGo Ecosystem offers insurers the choice of technology providers through a single source to accelerate digitisation.

Laurence Trigwell, Chief Revenue Officer, Insurants, commented: “Partnering with AdvantageGo represents a pivotal step in expanding the reach of our AI and GenAI driven automation capabilities within the commercial insurance sector.

“By integrating our Insurants capabilities with AdvantageGo’s market leading Workbench capability, we’re enabling organisations to optimise workflows, boost efficiency, and deliver superior client outcomes. This collaboration reflects our dedication to providing innovative solutions that address the dynamic challenges faced by the insurance industry.”

In a competitive insurance market, command of data will be crucial to determining who wins out, AdvantageGo highlighted.

The challenge, according to the firm, is inefficiency in data processing in the commercial insurance industry, which generates inefficiency in low-level tasks, double keying, triggering errors and omissions that continue to be problematic.

Insurants has demonstrated its ability to facilitate efficient and automated data transformation, including broker submissions, exposure schedules, policy comparisons, and indexing, regardless of the document type.

It provides a clever solution to the data ingestion challenge by accommodating both structured and unstructured data, AdvantageGo noted.

The firm further explained: “Submission workflow is digitally transformed through AdvantageGo’s Underwriting Workbench platform. An Outlook Add-In extracts and transforms data directly from the underwriter’s inbox. The Insurants’ AI engine is a true differentiator at this point, proven in practice and pre-trained to recognise and extract insurance-specific data, regardless of document type.

“This is because Insurants has already partnered with one of the world’s biggest insurance brokers, Marsh McLennan. Through this experience it has been able to improve document processing speeds by 70%, while simultaneously training its AI engine with the task of learning a multitude of international industry formats, practiced by hundreds of insurance companies. This invaluable experience has honed its AI, providing a decisive edge against competitors.”

To ensure accuracy and boost user confidence, a data transformation review screen was added to allow users to preview extracted data attributes within the original document’s context.

This feature enables users to fine-tune individual data attributes before finalising the extraction. The refined data is then automatically ingested into a new risk submission within the Underwriting Workbench.

Ian Summers, Global Business Leader, AdvantageGo, stated: “Insurants is a great new addition for the AdvantageGo Ecosystem. You don’t need to take my word for it, because it’s already been proven as a transformative solution in the market, bringing an AI that is already well trained to the task of dealing with data within myriad document formats.

“It’s a real solution to a serious problem, because commercial insurers are drowning in documents and unstructured data. At its core, Insurants is about amplifying productivity by more intelligent document ingestion. This aim sits perfectly with our own goals, particularly through our flagship Underwriting Workbench platform, and the two pieces of technology complement each other perfectly. Knowing it works in practice should bring real confidence to underwriters.

“Providing this solution through the Ecosystem provides our clients with additional choice, unlocking great benefits for them, as the Ecosystem project continues to flourish and expand across (re)insurance markets.”

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