Insurers to benefit from Accelerant’s risk management platform as it launches to the public

Accelerant, a services & data platform for the specialty insurance market, has announced the public launch of app.accelerant.ai, a revolutionary digital platform with enhanced artificial intelligence (AI) capabilities.

Insurers and risk capital partners can now harness the same powerful tools to optimise risk management and drive superior underwriting results that Accelerant’s MGA Members and internal teams have been benefiting from since 2003.

In addition to expanding the reach of its digital platform, Accelerant has introduced new AI-powered risk scoring capabilities. These will allow specialty underwriters on its Risk Exchange to receive real-time feedback on the relative quality of an underlying risk.

Accelerant’s portfolio of AI and machine-learning products has expanded with the addition of these cutting-edge advancements, which help to optimise risk selection and yield improved returns for risk capital providers.

These existing AI products include portfolio-level risk monitoring, which actively identifies unexpected variances across the $2.4 billion premium currently on Accelerant’s Risk Exchange.

The also include Large Language Model (LLM) claims assessment, which analyses raw claims event data to reduce claims expenses—a tool which, over the 12 month period to June 30, 2024, increased Members’ recoveries by up to 300%.

Jeff Radke, CEO and co-founder of Accelerant, said: “Since our founding, we’ve focused on the audacious vision of replatforming the insurance value chain. The capabilities we’re announcing today represent a meaningful step forward for our industry – one that will perpetuate a virtuous cycle of better portfolio performance attracting more high-quality capital providers to Accelerant’s Risk Exchange. I’m incredibly proud of the years of hard work from our team to bring our digital and AI capabilities to life.”

With its digital platform Accelerant aims to help the insurance industry to overcome the challenges in effectively ingesting, interpreting, and transmitting varied and often complex data from the insured to the ultimate risk bearer.

Historically, fragmented data and outdated technology has led to higher prices for policyholders and greater losses for underwriters.

“We are changing the status quo by leveraging a proprietary data pipeline that ingests, processes, verifies, enhances and makes sense of over 1.2 million insurance records each month,” said Pete Horst, CTO of Accelerant.

“AI has the potential to reshape every step of the insurance value chain – but before that can be achieved, we need to clean up and capture the messy, unreliable data that plagues the industry. Accelerant is doing exactly that, and these latest AI capabilities are just the next step in our vision to become the trusted and transparent marketplace where risk is exchanged,” said Matt Sternberg, COO of Accelerant’s Risk Exchange business.

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